“Bank of America won a victory over the U.S. government Monday when a federal appeals court reversed a lower court decision against the country’s second-largest bank by assets.

The U.S. Court of Appeals for the 2nd Circuit in New York ruled the Charlotte, North Carolina-based bank does not have to pay a $1.27 billion penalty in connection with its Countrywide home-mortgage lending unit.”

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“This hypertechnical decision is not only a miscarriage of justice but also provides a road map for Wall Street to get away with more fraud in the future,” said Dennis Kelleher, CEO and president of Better Markets, a nonprofit organization that advocates for the public interest in financial markets. “The law should not be interpreted to encourage and facilitate this kind of deliberate criminality.”

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To read the full International Business Times article by Angelo Young click here.