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AIG GLOBAL SECURITIES LENDING CORP. v. BANC OF AMERICA SECS. LLC

No. 01 CIV. 11448(JGK).

254 F.Supp.2d 373 (2003)

AIG GLOBAL SECURITIES LENDING CORP., as lending agent for certain affiliated lenders, AIG Life Insurance Company, Allstate Life Insurance Company, Bank Leumi USA, Bayerische Landesbank, New York Branch, First Floridian Automobile and Home Insurance Company, First Trenton Indemnity Company, Halifax PLC, International Finance Corporation, the Premier Insurance Company of Massachusetts, Safeco Life Insurance Company, Societe Generale, as manager for Certain Funding Limited, the Travelers Indemnity Company and the Travelers Insurance Company, Plaintiffs v. BANC OF AMERICA SECURITIES LLC, and First Union Securities, Inc. Defendants.

United States District Court, S.D. New York.

March 31, 2003.

Attorney(s) appearing for the Case

David Spears, Lucinda O McConathy, Richards, Spears, Kibbe & Orbe, New York, NY, for AIG Global Lending Corp., AIG Life Ins. Co., Allstate Life Ins. Co., Bank Leumi USA, Bayerische Landesbank, New York Branch, First Floridian Auto, and Home Ins. Co., First Trenton Indem. Co., Halifax PLC, Intern. Finance Co., The Premier Ins. Co. of Massachusetts, Safeco Life Ins. Co., Societe Generale, Certain Funding Ltd., The Travelers Indem. Co., The Travelers Ins. Co.

Warren H. Colodner, Kirkpatrick & Lockhart, New York, NY, for Banc of America Securities, LLC.

OPINION AND ORDER

KOELTL, District Judge.

This is an action charging securities fraud. The plaintiffs purchased securities in two private offerings of asset-backed securities. The securities were backed by consumer installment contracts entered into by The Heilig-Meyers Furniture Company ("Heilig-Meyers"), a speciality retailer of home furnishings that earned substantial revenues by selling furniture...

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