Merrill Lynch, BofA Escape $143M CDO Fraud Suit

Law360, New York (February 7, 2013, 5:54 PM EST) -- Merrill Lynch & Co. Inc. and Bank of America Corp. on Wednesday escaped a $143 million suit over alleged misrepresentations regarding mortgage-backed securities underlying several collateralized debt obligations, after a New York federal judge found Korea's Woori Bank had brought its claims too late.

According to U.S. District Judge Victor Marrero’s order, granting Merrill Lynch and its parent BofA's motion to dismiss, a number of news reports, investigations and other similar lawsuits over Merrill Lynch’s allegedly negligent mortgage securitization practices should have put Woori on notice several...
To view the full article, register now.