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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...

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  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.

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

  10. Federal Regulators Seize Park Avenue Bank

    TARP watchdog: Bank 'cooked books' to the tune of $11 million worth of fraud

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  3. Judge Allows BofA Suit over Taylor Bean

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

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