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BSF Wins Dismissal of Complaint against BNP Paribas and Expansion of Case against Bank of America

In The News

A team of lawyers led by BSF partners Robin A. Henry and Motty Shulman have secured another significant victory in their continuing representation of BNP Paribas in its suit against Bank of America. BNP Paribas has alleged that Bank of America failed in its duty to safeguard more than $480.7 million of cash and mortgages securing BNP Paribas’s investment in Ocala Funding, LLC, a mortgage warehousing facility. 

Bank of America attempted to shift blame for BNP Paribas’s loss to the securities unit of BNP Paribas; this complaint was wholly dismissed in a 39-page opinion by Judge Robert W. Sweet of the U.S. District Court in Manhattan on June 5, 2012.  The Court also granted BNP Paribas permission to expand its existing lawsuit -- already in discovery -- to pursue additional claims against Bank of America for its role in the loss of collateral intended to secure BNP Paribas’ investment. 

Please follow the below links for media coverage of this case.

Dow Jones, June 13, 2012
BofA Loses Bid To Consolidate Mortgage Suits

HousingWire, June 11, 2012
Bank of America decides not to sue itself

Reuters, June 6, 2012
BofA loses bid to shift blame in $1.6 bln Taylor Bean case

American Lawyer [subscription], June 6, 2012
Judge Sweet Allows BNP and Deutsche Bank to Explore 'Nooks and Crannies' of Multi-Billion Dollar Case Against BofA

Wall Street Journal, June 6, 2012
Judge Tosses Bank of America Suit vs Deutsche Bank, BNP Paribas

Law360 [subscription], June 5, 2012
BNP, Deutsche Beat BofA Counterclaims In $1.6B MBS Row

Financial Times, June 17, 2010
Ex-mortgage lender chief in fraud charges

Los Angeles Times, June 17, 2010
Former mortgage lender accused of fraud

Wall Street Journal, June 17, 2010
Farkas Charged in TARP Fraud Case

New York Times, June 16, 2010
Executive Charged in TARP Scheme

Bloomberg, June 16, 2010
Former Taylor Bean Chief Farkas Charged With Fraud

Law360, January 1, 2010
Securities Cases to Watch in 2010

The New York Times, December 12, 2009
Get Ready, Get Set, Point Fingers

Dow Jones, November 25, 2009
Deutsche, BNP Paribas Sue BofA Over $1.7B In Notes

Associated Press, November 25, 2009
BNP Paribas, Deutsche Bank sue Bank of America

Reuters, November 25, 2009
Deutsche Bank, Paribas sue BofA on mortgage deals

Law360, November 25, 2009
Deutsche, BNP Paribas Sue BofA Over $1.6B Portfolios

Bloomberg, November 25, 2009
Bank of America Sued by BNP, Deutsche Bank Over Notes (Update3)

Related Lawyers: Robin A. Henry, Motty Shulman, Jack Wilson, Nathan A. Holcomb, , Paul Fattaruso

Related Practice: Litigation