A federal court panel said Bank of America can't consolidate multiple lawsuits involving losses suffered from the collapse of Taylor Bean & Whitaker and Colonial Bank in a multibillion-dollar fraud.

According to a recent report by Dow Jones, the U.S. Judicial Panel on Multidistrict Litigation rejected Bank of America's bid to transfer ongoing litigation in Washington with three other suits involving losses related to the TBW fraud that are pending in New York.

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