Cayman Entities Say BofA Should Face Parmalat Claims

Law360, New York (May 16, 2011, 7:36 PM EDT) -- A lawyer for two Cayman Islands entities argued to Second Circuit judges on Monday that Bank of America Corp. should be held responsible for losses stemming from an ill-fated $300 million stock purchase in Parmalat SpA's Brazilian unit.

J. Greg Taylor of Diamond McCarthy LLP told a panel in a Manhattan courtroom that a lower court judge incorrectly found that the bank owed limited duties to the special purpose entities it helped to create in order to allow for the stock transaction. The breach of those...
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