Lawsuits filed against Bank of America

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(KTVI)—Bank of America is accused of defrauding investors in mortgage-backed securities.

Parallel lawsuits filed by the Department of Justice and Securities and Exchange Commission allege the bank lied about the quality of the home loans involved in the investments.

A bank spokesman denied defrauding anyone, saying the mortgages were, "sold to sophisticated investors who had ample access to the underlying data."