FDIC Gets OK To Dispose Of $1B In BofA Assets

Law360, New York (April 28, 2010, 5:45 PM EDT) -- A federal appeals court has overturned a ruling freezing more than $1 billion in assets for which Bank of America NA was the collateral agent, giving the Federal Deposit Insurance Corp. the green light to potentially dispose of them.

The U.S. District Court for the Southern District of Florida acted outside its jurisdiction when it enjoined the FDIC from taking action on the assets, because such action would fall within the FDIC's obligations as receiver for the failed Colonial Bank, which acted as custodian for the...
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