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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.