Deutsche, BNP Paribas Sue BofA Over $1.6B Portfolios

Law360, New York (November 25, 2009, 5:52 PM EST) -- Deutsche Bank AG and BNP Paribas Mortgage Corp. filed separate contract suits Wednesday seeking potentially more than $1 billion in damages from Bank of America NA for losses they sustained in the market for asset-backed commercial paper.

The suits, lodged in the U.S. District Court for the Southern District of New York, say BofA failed to safeguard a total of more than $1.6 billion in collateral that secured their investments in a mortgage warehousing facility called Ocala Funding LLC, which was controlled by Taylor Bean &...
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