BofA Dodges Conspiracy, Contract Claims In $100M ARS Suit

Law360, New York (July 18, 2013, 1:55 PM EDT) -- A Massachusetts federal judge on Wednesday recommended trimming several claims from a suit accusing two Bank of America Corp. units of misrepresenting auction-rate securities and leaving a construction company holding nearly $100 million in illiquid ARS, saying the claims were not plausibly backed by evidence.

According to U.S. Magistrate Judge Judith G. Dein, who was tasked with reviewing BofA’s motion to dismiss, Tutor Perini Corp. had failed to provide enough evidence to back several of its allegations related to the bank's alleged misrepresentation of ARS purchased...
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