BofA Unit Exits $550M Hedge Fund Suit

Law360, New York (January 25, 2010, 6:22 PM EST) -- A Bank of America NA subsidiary has settled a suit over the collapse of two British Virgin Islands-based hedge funds, sparing it from a potential trial in the $550 million suit.

The plaintiffs — pension funds and other investors burned when the funds collapsed — agreed to settle with Banc of America Securities LLC for an undisclosed amount, according to a dismissal order filed Friday in the U.S. District Court for the Southern District of New York by Judge Shira A. Scheindlin.

The terms of the...
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