NEW YORK, Feb. 14, 2012 (GLOBE NEWSWIRE) -- The Securities Law Firm of Shepherd Smith Edwards & Kantas LLP, www.sseklaw.com, is currently investigating claims on behalf of clients of Bank of America Corp. over its involvement in two collateralized loan obligations that led to $150 million in losses for investors. Massachusetts securities regulator William Galvin is subpoenaing BAC in an attempt to determine whether the financial firm knew it was overvaluing the portfolios' assets in order to get the loans removed from its books.
The state is looking to obtain records and documents related to two CLOS: Bryn Mawr CLO II Ltd. and LCM VII Ltd., which were sold in 2007. (Merrill Lynch and Bank of America Securities merged in an acquisition in 2008.) Galvin has been taking a hard look at the way banks structured and sold debt products—especially mortgage-backed securities—leading up to the 2008 economic collapse. Galvin says his office is also interested in taking a closer look at other entities.
If you feel you may have lost money investing through Collateralized Loan Obligations we would like to hear from you. Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. Since 1990, we have represented thousands of investors nationwide to recover losses. We have represented clients in Federal and State courts and in arbitration through the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions. Collectively, we have represented over 1,000 investors over the last 18 years in negotiation, mediation, arbitration and litigation.