August 17, 2015 / 12:07 PM / 4 years ago

Bank of America defeats lawsuit over auction-rate securities

(Reuters) - Bank of America does not have to face claims that it violated securities laws by misleading a California company that lost nearly $100 million on illiquid securities that collapsed in value during the credit crisis, a federal judge ruled.

In an order on Wednesday, U.S. District Judge Nathaniel Gorton ruled that the company, Tutor Perini Corp, failed to identify false statements made by the bank about so-called auction-rate securities, a $330 billion market that seized up in 2008. Tutor Perini, a construction company, is represented by Boies Schiller & Flexner.

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