BofA Loses Bid To Kill $550M Hedge Fund Fraud Suit

Law360, New York (September 9, 2009, 4:36 PM EDT) -- A federal judge has denied a Bank of America Corp. unit's bid to avoid a trial on claims that it aided hedge fund manager Michael Lauer in defrauding investors of $550 million in connection with the collapse of two British Islands-based funds.

Judge Shira A. Scheindlin of the U.S. District Court for the Southern District of New York denied Banc of America Securities LLC's motion for summary judgment in a 41-page order issued Sept. 8.

The plaintiffs in the case — a group of institutional investors...
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