Merrill Wins Dismissal of Woori Suit Over $143 Million of Losses

Bank of America Corp.’s Merrill Lynch unit won dismissal of a lawsuit by Woori Bank over losses on $143 million of collateralized debt obligations because the South Korean company filed too late.

U.S. District Judge Victor Marrero in Manhattan ruled in a written decision made public yesterday that Seoul-based Woori failed to sue within three years as required by a South Korean statute of limitations. Marrero rejected Woori’s argument that the three-year period didn’t begin to run until the Financial Crisis Inquiry Commission published a Jan. 27, 2011, report.