2nd Circ. Reverses Dismissal Of BofA Fraud Claims

Law360, New York (June 9, 2009, 12:00 AM EDT) -- A unit of Bank of America Corp. will have to face claims that it aided a hedge fund manager in perpetrating an estimated $1.1 billion fraud after a federal appeals court reversed a lower court's dismissal of the case.

In a ruling Tuesday, the U.S. Court of Appeals for the Second Circuit said that Banc of America Securities LLC would have to stand trial on claims that it helped Michael Lauer, the head of Lancer Management Group and Lancer Management Group II, which lost around $500...
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