11th Circuit Upholds Dismissal Of Ponzi Suit Against Bank Of America

ATLANTA - In an unpublished opinion, the 11th Circuit U.S. Court of Appeals on Jan. 11 affirmed a federal court's dismissal of a proposed class action filed by investors who accused Bank of America NA of abetting convicted Ponzi scheme perpetrator Beau Diamond, agreeing with the federal court that the plaintiffs did not sufficiently show that the bank had knowledge of the fraudulent actions (Rita Lawrence, et al. v. Bank of America NA, No. 11-12401, 11th Cir.). View today's headlines and listen to the latest podcast at www.lexisnexis.com/legalnews Do you have news to share? Interested in writing a commentary article? Email the Mealey News Desk at Mealeys@LexisNexis.com Full story on lexis.com