BofA Dodges $1.6B Deutsche Bank, BNP Conversion Claims

Law360, New York (August 30, 2011, 10:28 PM EDT) -- A New York federal judge on Tuesday dismissed Deutsche Bank AG and BNP Paribas SA's cases alleging that Bank of America Corp. had improperly sold loans that were collateral for more than $1.6 billion in mortgage-backed notes the companies owned.

Deutsche Bank and BNP Paribas had bought about $1.2 billion and $480.7 million in notes, respectively, issued by Ocala Funding LLC, a mortgage portfolio controlled by now-bankrupt Taylor Bean & Whitaker Mortgage Corp. Bank of America served as the indenture trustee, collateral agent, depository and custodian...
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