Bank of America asks federal appeals court to toss $1.27B fine, remove judge from case

Associated Press

Bank of America has asked a federal appeals court in New York to toss out a $1.27 billion fine, saying a case against it stemming from the 2008 financial crisis should never have gone to trial.

The bank said in papers filed Wednesday in the 2nd U.S. Circuit Court of Appeals that the case against it was unfair and "utterly unprecedented." It said the trial judge — Jed Rakoff — should be removed if it is returned to the lower court. The bank said Rakoff might be perceived as biased based on comments he made, including criticizing the Justice Department for failing to prosecute bank executives for their roles in the crisis.

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It called its penalty "grossly excessive."

The judge declined to comment.