Arizona Alleges BofA Violated Law

Arizona Attorney General Terry Goddard filed a lawsuit against Bank of America Corp. (BAC) alleging that the nation’s largest bank in assets committed “widespread consumer fraud” in its handling of loan modifications.

The suit also accused Bank of America of reneging on a 2009 settlement that ended a probe of alleged fraud in the mortgage operations of Countrywide Financial Corp., now part of the Charlotte, N.C., company.

The suit was filed Friday morning in an Arizona state court.

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