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Investments / The Ticker

Judge tosses out BofA suit against FDIC

Lawsuit is over $1.7 million in investor losses

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According to Reuters, a federal judge tossed out Bank of America’s (BAC) lawsuit against the Federal Deposit Insurance Corp. over $1.7 billion in investor losses stemming from the collapse of a large regional bank and a large mortgage lender back in 2009. Reuters has more on the case:

The lawsuit concerned the FDIC's role as receiver for a banking unit of Alabama's Colonial BancGroup Inc and the implosion of Taylor, Bean & Whitaker Mortgage Corp, home to what federal prosecutors called a $2.9 billion mortgage fraud.

Bank of America, as trustee for notes issued by Taylor Bean's Ocala Funding LLC unit, had contended that the FDIC wrongly denied claims by Ocala noteholders to recover from Colonial Bank.

Source: Reuters
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