2nd Circ. Affirms $144M Fraud Ruling For BofA

Law360, New York (July 22, 2010, 12:31 PM EDT) -- Banc of America Securities LLC has failed to dodge a $144 million judgment awarded to a group of institutional investors, including AIG Global Lending Corp. and Travelers Insurance Co., that accused the bank of misrepresenting the quality of asset-backed securities.

On Tuesday the U.S. Court of Appeals for the Second Circuit rejected BAS’ challenge to the judgment, noting that it is too late in the game to introduce arguments against the legal theories the plaintiffs advanced to the jury and otherwise backing the validity of the...
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