BofA Paying $315 Million to Settle With BNP, Deutsche Bank
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Bank of America Corp. agreed in March to pay a combined total of $315 million to settle lawsuits with Deutsche Bank AG and BNP Paribas Mortgage Corp. related to fraud losses at failed lender Taylor Bean & Whitaker Mortgage Corp.
The two European banks sued Bank of America in 2009 over asset-backed notes issued by a special-purpose entity known as Ocala Funding LLC, which financed loans originated by Taylor Bean. Bank of America served as collateral agent for the loans.