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MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America Corporation    BAC

BANK OF AMERICA CORPORATION

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Bank of America : Appeals court revives U.S. case against UBS over CDO fraud

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12/02/2014 | 02:20pm EST

NEW YORK (Reuters) - A New York state appeals court on Tuesday revived a lawsuit accusing UBS AG of fraudulently causing $331 million (211.75 million pounds) of losses from collateralised debt obligations issued before the financial crisis.

Loreley Financing, a group of special-purposes entities based in Jersey in the Channel Islands, brought the lawsuit in 2012 over four CDOs arranged by UBS. The CDOs were comprised of residential mortgage-backed securities and credit default swaps.

When the housing market crashed, Loreley suffered huge losses and claimed UBS had misrepresented the CDOs, which it bought in 2006 and 2007.

Last year, a New York state judge tossed the lawsuit against the Swiss bank, saying in part that Loreley had not shown the alleged misrepresentations caused the losses. 

But New York's Appellate Division, First Department reinstated the fraud claim, citing its recent decisions in similar lawsuits Loreley had brought against Citigroup Inc (>> Citigroup Inc) and Bank of America Corp's (>> Bank of America Corp) Merrill Lynch unit.

"The First Department's decision is consistent with established case law holding that loss causation is an issue for trial," Sheron Korpus, a lawyer for Loreley, said in a phone interview.

Richard Rosen, a lawyer for UBS, declined to comment.

The case is Loreley Financing (Jersey) No. 4 Ltd et al v UBS Ltd et al, New York State Supreme Court, Appellate Division, 1st Department, Nos. 13636, 13636A, 13636B, 13637.

(Reporting by Karen Freifeld; additional reporting by Jonathan Stempel in New York; Editing by Richard Chang)

By Karen Freifeld

Stocks treated in this article : Citigroup Inc, Bank of America Corp
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA CORPORATION 1.75% 33.67 Delayed Quote.34.29%
CITIGROUP INC. 1.47% 75.81 Delayed Quote.43.51%
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Financials (USD)
Sales 2019 91 770 M
EBIT 2019 36 629 M
Net income 2019 25 582 M
Debt 2019 -
Yield 2019 1,96%
P/E ratio 2019 12,5x
P/E ratio 2020 11,3x
Capi. / Sales2019 3,24x
Capi. / Sales2020 3,25x
Capitalization 298 B
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 33,76  $
Last Close Price 33,67  $
Spread / Highest target 33,7%
Spread / Average Target 0,27%
Spread / Lowest Target -16,8%
EPS Revisions
Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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CHINA CONSTRUCTION BANK CORPORATION-3.73%200 113
CITIGROUP INC.43.51%163 106