The Justice Department and the Securities and Exchange Commission have both filed civil lawsuits against Bank of America alleging that the financial institution and certain affiliates defrauded investors about the riskiness of $850 million in residential mortgage-backed securities.

According to the complaint, around January 2008, the Charlotte-based lender sold Bank of America Mortgage Securities 2008-A certificates to investors by knowingly making materially false and misleading statements by failing to disclose important facts about the mortgages collateralizing the RMBS.

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