US judge's financial conflict leads to revived lawsuit against big banks [CNN]
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Bank of America Corporation (BAC)
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Source: CNN
The 2nd US Circuit Court of Appeals in Manhattan said that while US District Judge Lewis Liman “almost certainly unknowingly” had a conflict of interest, his partiality could reasonably be questioned because his wife's ownership of Bank of America stock created an “appearance of impropriety.” A spokesman for the Manhattan federal court, where Liman works, declined to comment. Tuesday's unsigned decision came nearly three years after a Wall Street Journal investigation found that more than 130 federal judges had since 2010 violated federal law and judicial ethics by overseeing cases involving companies in which they or family members owned stock. Bond investors accused Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, NatWest and Wells Fargo of overcharging them on “odd-lot” trades, which are worth less than $1 million and comprise most corporate bond trades. Liman, an appointee of former President Donald Trump,
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