Merrill, BofA Added To Superdome ARS Insurance Suit

Law360, New York (January 29, 2009, 12:00 AM EST) -- The owners of the Superdome in New Orleans have added three Merrill Lynch entities and Bank of America Corp. to a complaint against Financial Guaranty Insurance Co. over a now “worthless” $13 million insurance policy they purchased to protect $238 million in auction rate securities issued to fund the renovation of the stadium.

The Louisiana Stadium and Exposition District, which owns the Superdome, tacked Bank of America and its wholly-owned subsidiaries Merrill Lynch Capital Services Inc., Merrill Lynch & Co. Inc. and Merrill Lynch, Pierce, Fenner...
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