BofA Wants Suit Over $100M In Frozen ARS Investments Nixed

Law360, New York (August 21, 2012, 6:51 PM EDT) -- Bank of America Corp. cannot be blamed by a construction company for nearly $100 million in losses on investments in auction-rate securities, with the bank arguing Monday that the global financial crisis, not broker-dealer fraud, is to blame for the disaster.

BofA is looking to dismiss the suit filed by Tutor Perini Corp. last year alleging that the bank “touted ARS as safe and liquid investments” while concealing the “serious risk” of illiquidity, according to the complaint filed in Massachusetts court. Tutor is seeking the recovery...
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