Merrill Lynch, BofA Beat $143M CDO Suit In 2nd Circ.

Law360, New York (November 22, 2013, 6:03 PM EST) -- The Second Circuit on Thursday upheld the dismissal of a $143 million suit against Merrill Lynch & Co. Inc. and Bank of America Corp. over alleged misrepresentations regarding mortgage-backed securities, saying that South Korea's Woori Bank failed to file its suit on time.

Siding with a February judgment by U.S. District Judge Victor Marrero, a three-judge panel ruled that given the publicity and lawsuits surrounding Merrill Lynch's practices regarding collateralized debt obligations, the South Korean bank should have been able to recognize its claim prior to...
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.