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BofI Stock Plummets on Class Action Suit

NEW YORK (TheStreet) -- BofI (BOFI - Get Report) stock is tanking 16.63% to $19.27 on heavy trading volume this afternoon after the Houston Municipal Employees Pension System filed a class action suit against the bank and some of its executives.

BofI allegedly engaged in illegal lending practices, violated federal laws in identifying its customers and was unable to maintain adequate internal controls, according to the plaintiff.

The filing references a number of interviews with anonymous...