By Chad Bray Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- A jury has awarded $141 million to a group of investors in a lawsuit against a Bank of America Corp. (BAC) unit over asset-backed securities offered by a trust affiliated with defunct furniture retailer Heilig-Meyers Co.
The jury late Thursday awarded $141 million in damages and prejudgment interest.
"We are pleased with the outcome and grateful to the jury for their hard work over many weeks," said David Spears, a lawyer representing several of the investors, including Societe Generale.
The lawsuit was brought against Bank of America Securities LLC by a group of investors that include units of American International Group Inc. (AIG), Allstate Corp. (ALL), Bayerische Landesbank, Citigroup Inc. (C) and Societe Generale.
The investors had claimed misconduct in connection with the resale of securities issued by a trust affiliated with Heilig-Myers, which abruptly sought bankruptcy protection in August 2000. The trust was formed in February 1997 to hold installment-sales contracts and issue asset-backed securities.
In a statement, Shirley Norton, a Bank of America spokeswoman, said the bank was disappointed with the outcome and doesn't believe the verdict "is supported by the evidence presented."
"We are evaluating all of our options to seek judicial review of the verdict," Norton said.
-By Chad Bray, Dow Jones Newswires; 212-227-2017; chad.bray@dowjones.com
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(END) Dow Jones Newswires
December 05, 2008 17:57 ET (22:57 GMT)

Publié le 05 Décembre 2008 Copyright © 2008 Dowjones