CORRECTED: Judge OKs Institutional Investor Suit Against BofA

Law360, New York (July 23, 2008, 12:00 AM EDT) -- A federal judge has ruled that a lawsuit against Banc of America Securities for allegedly deceiving a group of institutional investors about the quality of asset-backed securities the bank underwrote in 1998 can go forward.

On Monday, Judge John G. Koeltl of the U.S. District Court for the Southern District of New York denied BAS' motion for summary judgment in the securities fraud case with respect to most claims. He also denied the plaintiffs' cross-motion for summary judgment on two claims.

The conflict dates back to...
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