BofA Can't Escape Investor's Suit Over Pandemic Losses

By Katryna Perera (May 20, 2022, 8:54 PM EDT) -- A District of Columbia federal judge ruled Thursday that Bank of America must face a breach of fiduciary duty claim asserted against it by a customer who says the bank and one of its investment managers sold his assets after they lost value due to the COVID-19 pandemic, resulting in a $2 million loss.

U.S. District Judge Dabney L. Friedrich issued an order denying Bank of America and portfolio manager Matthew Lettinga's motion to dismiss plaintiff Robert Goodrich's breach of fiduciary duty claim. However, she did toss the two other claims asserted — gross negligence and violations of the District of Columbia...

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