Fox Business - The Power to Prosper
Search Site

Colonial Bank

U.S. judge tosses BofA suit vs FDIC over $1.7 billion investor losses

A federal judge on Monday threw out Bank of America Corp's lawsuit against the Federal Deposit Insurance Corp over $1.7 billion of investor losses stemming from the collapses in 2009 of a large regional bank and a large mortgage lender.The lawsuit concerned the FDIC's role as receiver for an banking unit of Alabama's Colonial BancGroup Inc and the implosion of Taylor, Bean & Whitaker Mortgage Corp, home to what federal prosecutors called a $2.9 billion mortgage fraud.Bank of America, as trustee for notes issued by Taylor Bean's Ocala Funding LLC unit, had contended that the FDIC wrongly denied claims by Ocala noteholders to recover from Colonial Bank. Among the buyers of Ocala's notes were Deutsche Bank AG and France's BNP Paribas SA .Last December, U.S. District Judge Barbara Rothstein in Washington, D.C. dismissed some of Bank of America's claims but let the Charlotte, North Carolina-based lender pursue claims on behalf of itself, Deutsche Bank and BNP Paribas.But on Monday, she dism...

Read More

  1. Former TBW execs get prison time for fraud

    By Jeremy PelofskyAlexandria, Virginia (Reuters) - Two former senior Taylor, Bean & Whitaker Mortgage Corp executives were sentenced on Friday to several years in pr...

  2. TBW Exec Admits Role in $1.9 Billion Fraud

    The Department of Justice announced Desiree Brown, a former treasurer at Taylor, Bean & Whitake Mortgage, has pled guilty to taking part in a $1.9 billion fraud that...

  3. FDIC Says Colonial Bankruptcy Plan 'Premature' Ahead of Appeal

    NEW YORK -( Dow Jones )- The Federal Deposit Insurance Corp. is objecting to Colonial BancGroup Inc.'s (CBCGQ) bankruptcy-exit plan, saying the proposal is "prematur...

  4. Mortgage Crisis Set to Kick Into a Higher Gear

    “It appears as though many loans and other mortgage-related assets have been double and even triple-pledged to various constituencies.” -- Bank of America court fili...

  5. Tim McCarver on Roy Halladay's No-Hitter

    FOX Sports' Tim McCarver explains a no-hitter to Imus.

  6. TARP Watchdog: Treasury Lacks Staff to Monitor Funds

    TARP Inspector General Neil Barofsky breaks down issues facing the government bailout program.

  7. Barofsky: Bailouts Created More Risk

    TARP Inspector General Neil Barofsky sounds off on the bailout program’s shortcomings.

  8. BB&T Takes over $22B of Colonial's Assets

    BB&T Corporation President and CEO Kelly King on Colonial Bank and the FDIC's depleted insurance fund.

  9. More Bank Failures On the Way

    Independent Community Bankers of America CEO Camden Fine on the risks for further bank closures.

  10. Democratic Health-Care Dilemma

    Eric Bolling breaks down the health-care options.

  11. Three Failed Banks = 50% of FDIC Assets?

    FBN's Liz MacDonald reports on the failed banks' impact on the FDIC's deposit insurance fund.

  12. Commercial Real Estate Crisis Ahead?

    FBN Exclusive: Liz MacDonald breaks down risks associated with plunging commercial real estate prices.

  1. SEC Looking to Hand Out Punishments that Fit the Crime

    The Securities and Exchange Commission is experimenting with punishments that more closely fit the wrongdoing at issue in a bid to give its enforcement cases more bi...

  2. SEC testing customized punishments

    The Securities and Exchange Commission is experimenting with punishments that more closely fit the wrongdoing at issue in a bid to give its enforcement cases more bi...

  3. Judge Allows BofA Suit over Taylor Bean

    A federal judge said Bank of America Corp. (BAC) can move forward with its $1.7 billion lawsuit against the Federal Deposit Insurance Corp., as the bank continues it...

  4. BofAm Can Pursue $1.75 Billion Suit Against FDIC

    A Florida bankruptcy judge said Bank of America Corp. (BAC) can move forward with its $1.75 billion lawsuit against the Federal Deposit Insurance Corp., a win for th...

  5. Ex-Taylor Bean CFO De Armas Pleads Guilty To Bank, Wire Fraud

    The former chief financial officer of the failed Taylor, Bean & Whitaker Mortgage Corp. admitted Tuesday to participating in a $2.9 billion scheme that was one of th...

  6. Wall Street Back in Rally Mode After Sharp Losses Last Week

    FBN’s Robert Gray breaks down the day in the markets.

  7. Bo Jackson the Banker?

    FBN's Jeff Flock with Bo Jackson, former NFL and MLB player, on his new foray into the banking world.

Freebase CC-BY
Source: Colonial Bank on Freebase, licensed under CC-BY
Other content from Wikipedia, licensed under the GFDL