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BofA settles Seattle FHLB complaints for $190M


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BofA settles Seattle FHLB complaints for $190M

Bank of America Corp.settled years-old complaints filed by the FederalHome Loan Bank of Seattle for $190 million April 25.

Substantially all of that amount was previously accrued, Bankof America said in a quarterly filing.

The Seattle FHLB suedCountrywide Securities Corp., Banc of America Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc. and variousaffiliates in 2009 over certain MBS offerings between 2005 and 2007.

BofA's litigation expense totaled $131 million for the firstquarter, down from $179 million a year earlier.

BofA also noted in the filing that the Japanese Supreme Courtfound in favor of MerrillLynch International and Merrill LynchJapan Securities Co. Ltd. and dismissed all claims by Takefuji Corp.on March 15. Takefuji first filed a claim against the companies in Tokyo DistrictCourt in 2010 over Takefuji's 2007 purchase of credit-linked notes structured andsold by the defendants. Takefuji alleged that the defendants failed to meet certaindisclosure obligations concerning the notes.

"There are no further rights to appeal and this matter isnow complete," BofA stated.