Mass. Regulator Seeks BofA Docs In $150M Loan Probe

Law360, New York (February 10, 2012, 6:05 PM EST) -- Massachusetts' securities watchdog said Friday that it had subpoenaed documents from Bank of America Corp. in connection with its involvement in collateralized loan obligations that it structured and sold during the height of the financial crisis that cost investors $150 million.

Secretary of the Commonwealth William F. Galvin said his office was looking into whether BofA’s former investment banking subsidiary Banc of America Securities LLC intentionally overvalued assets in two CLO portfolios in order to get them “off the books and on to investors.”

At issue...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.