FDIC Says BofA Lacks Standing In $1.8B Taylor Bean Suit

Law360, New York (August 9, 2011, 1:42 PM EDT) -- The Federal Deposit Insurance Corp. said Friday in Washington that Bank of America Corp. lacks standing to seek repayment of $1.75 billion in investor losses resulting from a fraud allegedly perpetrated by bankrupt lender Taylor Bean & Whitaker Mortgage Corp.

In its motion to dismiss, the FDIC said that Bank of America, which is acting in its role as the trustee for notes issued by Taylor Bean unit Ocala Funding LLC, does not have the standing to bring claims against Colonial Bank and Platinum Community Bank,...
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