BofA Sued For Negligence Over $1B Bond Transactions

Law360, Miami (March 19, 2013, 7:19 PM EDT) -- A Venezuelan bond trading company on Thursday sued Bank of America NA and a defunct Miami-based foreign exchange company for collecting millions in fees from almost $1 billion in fixed-income security transactions while negligently failing to tell the company about state and federal licensing requirements.

In a complaint filed in state court in Miami, bond trader Arbitrajes Financieros SA accused the bank of breaching its fiduciary duty by not informing Arbitrajes of licensure requirements for its account at BofA. The bank told Arbitrajes that the registration...
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