2nd Circ. Spares BofA Parmalat Investors' $300M Claim

Law360, New York (May 27, 2011, 5:31 PM EDT) -- The Second Circuit on Friday found that Bank of America Corp. did not cause the $300 million in losses suffered by two special purpose entities that invested in Parmalat SpA, short-circuiting the Cayman Island entities’ claim for breach of fiduciary duty.

Affirming the lower court in a summary order, the Second Circuit shot down the SPEs' allegations that BofA breached its duty to the companies, holding that Parmalat’s scandalous collapse in 2003 caused their losses and that no amount of disclosures from BofA would have altered...
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.