BofA Releases $1.2M In WL Homes Ch. 7 Agreement

Law360, New York (July 7, 2011, 6:00 PM EDT) -- The liquidation trustee for homebuilder WL Homes LLC on Wednesday reached a $1.2 million settlement in a four-way tussle in Delaware with Bank of America NA, owners of defective homes and a contractor over millions of dollars of bankruptcy claims.

The Chapter 7 trustee George Miller asked the bankruptcy court to approve a settlement in which Bank of America will relinquish $1.1 million to Ayuda Management Corp., the estate and homeowners will each receive $50,000 from the bank, and the trustee's lawsuits will be extinguished to...
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