Bank of America Secures Dismissal of Foreclosure Practice Claims

Skadden secured a victory for Bank of America Corporation in a shareholder derivative suit challenging its board of directors' oversight of loan modification and foreclosure practices following the company's acquisition of Countrywide Home Loans. In a bench ruling on February 4, Chancellor Leo Strine of the Delaware Court of Chancery dismissed the suit for failure to make a demand on the board and for failure to plead a claim upon which relief could be granted.