Sovereign Strikes $9M Deal In Ocala Fund Transfer Suit

Law360, New York (January 8, 2013, 2:01 PM EST) -- Sovereign Bank NA has agreed to a $9 million settlement with bankrupt Taylor Bean & Whitaker Mortgage Corp. subsidiary Ocala Funding LLC over an allegedly fraudulent $22 million transfer made at the time TBW was insolvent, Ocala said Monday.

Under the settlement agreement, Ocala and Sovereign will exchange blanket waivers and releases of all claims and causes of action that exist or may exist between them up to the date of the agreement, according to a motion to approve the deal filed by Ocala.

“The settlement...
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