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Jury Hands Investors $141M In Bank Of America Suit

Law360 (December 8, 2008, 12:00 AM EST) -- A jury has awarded a group of institutional investors — including Societe Generale, Allstate Life Insurance Co. and AIG Life Insurance Co. — $141 million against Banc of America Securities LLC, the investment banking subsidiary of Bank of America Corp., over two private asset-backed securities offerings the bank underwrote based on retail sales at now-defunct furniture vendor Heilig-Meyers Co.

The jury of the U.S. District Court for the Southern District of New York approved the entirety of the plaintiffs' damages request Thursday, including just under $85...
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