BofA, Merrill Lynch Settle Out Of FDIC's $110M RMBS Case

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BofA, Merrill Lynch Settle Out Of FDIC’s $110M RMBS Case

BofA, Merrill Lynch Settle Out Of FDIC’s $110M RMBS Case

Law 360-

Bank of America Corp. and Merrill Lynch have settled a Federal Deposit Insurance Corp. suit over their alleged role in the demise of United Western Bank, the parties said in a document filed Monday, The FDIC claimed they, and Morgan Stanley and RBS Holdings USA Inc., sold $110 million in fraudulent residential mortgage-backed securities to United Western, which lost value.

“The parties have reached an agreement to settle the FDIC’s claims against the Bank of America defendants in this action,” they told the court.

Morgan Stanley and RBS were not affected by today’s news.

In August, the parties were tussling over the effects of two new Tenth Circuit rulings that came out that month.

[LAW360]

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