Morning Scan: BofA Libor Ruling Overturned; Swift Security

Receiving Wide Coverage ...

Overturned: A $1.27 billion penalty against Bank of America was overturned Monday by a federal appeals court. A three-judge panel said federal prosecutors failed to prove Countrywide Financial, later acquired by B of A, had defrauded Fannie Mae and Freddie Mac when it sold them troubled loans in 2007 and 2008. While it found Countrywide knew it was selling faulty loans there was a lack of evidence of intent to deceive at...