Some serious allegations in this article:

http://www.dsnews.com/articles/bofas-shareholders-sue-over-foreclosure-processing-errors-2011-03-29

Citing verbatim from the complaint filed, Bloomberg says shareholders claim Bank of America “did not properly record many of its mortgages when originated or acquired, which severely complicated the foreclosure process when it became necessary.”

The news agency reports that stockholders also allege BofA concealed the fact that it was not adequately staffed to handle the large volume of foreclosure-bound loans within its portfolio, and that the bank’s directors and officers misclassified certain transactions in order to keep from recording them as debt in a practice called “dollar rolling.”

According to Bloomberg the shareholder lawsuit accuses Bank of America’s board and senior management of a breach of fiduciary duty, abuse of control, a waste of corporate assets, gross mismanagement, and unjust enrichment.

What are the chances though that any of this will result in some real penalties being assessed both finacially and personally if the allegations are proven to be right?