BofA's CEO must submit to deposition

N.Y. Supreme Court rules that Brian Moynihan must testify in MBIA lawsuit

It’s a general counsel’s worst nightmare come true. On Wednesday, New York Supreme Court Justice Eileen Bransten shot down Bank of America’s (BofA) request to exclude its CEO Brian Moynihan from testifying in a lawsuit brought by bond insurer MBIA Inc.

MBIA accused Countrywide Financial Corp., which BofA acquired in July 2008, of fraudulently inducing it to insure unsafe mortgage-backed securities. The next year, MBIA claimed BofA was liable for the mortgage lender’s conduct.

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