AIB Drops Claims Against BofA In Rogue Trader Suit

Law360, New York (January 25, 2012, 5:35 PM EST) -- Allied Irish Banks PLC buried the hatchet with Bank of America NA on Wednesday in New York federal court, dropping claims that BofA helped a rogue trader conceal a scheme that resulted in $691 million in losses to an AIB subsidiary.

A stipulation of dismissal signed by U.S. District Judge Deborah A. Batts also releases M&T Bank Corp. from third-party claims brought against it by BofA. Further details on any kind of settlement agreement were not immediately available.

An attorney for BofA declined to comment and...
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