Tags: merrill | bofA | cdo

Merrill Lynch Sued Over CDO Marketing

Wednesday, 05 Oct 2011 07:01 PM

 

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Bank of America Corp.’s Merrill Lynch unit was sued in New York by Loreley Financing over alleged misrepresentations involving $92 million worth of collateralized debt obligations.

The suit stems from Loreley’s purchase of classes of notes issued in connection with two collateralized debt obligations, according to a complaint filed Wednesday in New York State Supreme Court in Manhattan.

“Defendants made material misrepresentations to plaintiffs, omitted material facts, conspired to defraud plaintiffs, were responsible for fraudulent conveyances, aided and abetted others’ fraud and fraudulent conveyances,” Lorely said in the complaint.

William Halldin, a spokesman for Charlotte, North Carolina- based Bank of America, said the company believes “there is no merit to the claims” and plans to defend itself in court.

The case is Loreley Financing (Jersey) No. 3 Ltd. v. Merrill Lynch, 652732/2011, New York State Supreme Court, (Manhattan).

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