BofA, Countrywide Near Deal With 1031 Client Class

Law360, New York (December 21, 2009, 5:20 PM EST) -- Bank of America NA and Countrywide Bank FSB appear to have reached a tentative settlement with clients of bankrupt exchange fund The 1031 Tax Group LLC who claimed, in a $140 million class action, that a host of banks and other firms facilitated a scheme linked to convicted Ponzi fraudster Edward H. Okun.

The potential deal lets the two banks out of having proceed with further discovery in the case, according to a judge's order on Friday in the U.S. District Court for the Northern District...
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