U.S. District Judge Curtis V. Gomez said in a brief order that Bank of America Corp., Banc of America Securities LLC and Merrill Lynch Pierce Fenner & Smith Inc. have met their burden to dismiss the U.S. Virgin Islands Public Finance Authority’s negligence claim over the bond offering. US Judge Curtis V. Gomez has ruled that three units of Bank of America have met their burden over bad tax advice that the bank and Buchanan Ingersoll & Rooney PC allegedly gave on a $219m Virgin Islands bond offering, thereby allowing them to avoid the suit. The judge said he would allow the case against the banks to proceed in its entirety because it was not clear whether they had acted with actual malice.
US Judge Curtis V. Gomez has ruled that three units of Bank of America have met their burden over bad tax advice that the bank and Buchanan Ingersoll & Rooney PC allegedly gave on a $219m Virgin Islands bond offering, thereby allowing them to avoid the suit. The judge said he would allow the case against the banks to proceed in its entirety because it was not clear whether they had acted with actual malice.