Rochester,NY 8/13/2009 10:41:11 PM
Bank of America Corporation.,BAC-Sues Colonial BancGroup, Inc. For $1 Billion
Bank of America Corporation
Bank of America Corporation sued Colonial BancGroup, Inc., seeking $1 billion in cash and loans and demanding a federal court to bar the bank from selling assets.
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The suit, filed in U.S. District Court in Miami, claims that Colonial is holding cash and loans as a custodian for Ocala Funding Inc., a commercial paper vehicle backed by Taylor, Bean & Whitaker Mortgage Corp., a privately held home loan provider which closed its mortgage lending operation last week.
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