Judge Lets BofA Seek $1.75B In Taylor Bean Losses

Law360, New York (August 9, 2012, 8:00 PM EDT) -- A Florida bankruptcy judge on Wednesday allowed Bank of America Corp. to seek repayment of $1.75 billion in investor losses resulting from a fraud allegedly perpetrated by bankrupt lender Taylor Bean & Whitaker Mortgage Corp.

U.S. Bankruptcy Judge Jerry A. Funk, who is overseeing the bankruptcy proceedings for Taylor Bean subsidiary Ocala Funding LLC, granted BofA's request for relief from the automatic stay to allow it to pursue claims in the District of Columbia against the Federal Deposit Insurance Corp., the receiver for Colonial Bank, which...
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