BofA, Fifth Third Escape $70M Concord Loan Scheme Suit

Law360, New York (December 7, 2011, 3:59 PM EST) -- A New York state judge on Monday freed Bank of America NA and Fifth Third Bank from allegations that they helped rogue Concord Capital Management LLC executives carry out a loan agreement scheme that cost the insurance premium finance company $70 million.

Judge Shirley Werner Kornreich dismissed the two banks from Concord's lawsuit because Concord couldn't blame them for the wrongdoing of Concord's own executives.

"Concord's own acknowledged (imputed) fault outweighs any purported fault it attributes to BofA," the judge said.

Attorneys and others involved in...
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