November 27, 2013
California Court Dismisses Plaintiffs Suit Brought for Wrongful Foreclosure Defendants Bank of America & Freddie Mac
The court in deciding Bergman v. Bank of Am., N.A., 2013 U.S. Dist. LEXIS 153173 (N.D. Cal. Oct. 23, 2013) dismissed the plaintiff’s complaint.
Most of plaintiffs’ claims were based on one of two legal theories.
First, the plaintiffs based their arguments on the alleged sale of the DOT from Bank of America to the Securitized Trust, the plaintiffs argued that the sale divested Bank of America of its beneficial interest in the DOT. Plaintiff also alleged that because the DOT was never properly assigned, the Securitized Trust also did not hold the beneficial interest. They alleged that, accordingly, the true beneficiaries are the Securitized Trust’s certificate holders.
Second, the plaintiffs based their argument on the alleged involvement of PK Properties in illegal bid-rigging activities, including activities that allegedly tainted the trustee’s sale for the Property.
The court, after considering the arguments provided by the plaintiff, granted the defendants’ motion and dismissed the complaint.| Permalink