reuters.com | August 2, 2016
By Karen Freifeld
Bank of America Corp and Morgan Stanley & Co must face a lawsuit alleging fraud in the sale of $32 million in notes from a collateralized debt obligation bundling toxic mortgage-backed securities.
In a decision filed on Friday, Justice Jeffrey Oing of New York state Supreme Court declined to dismiss the complaint, refusing to toss a claim that the banks misrepresented the quality of assets in the $500 million CDO issue and the risk of loss for the $32 million of notes the investors' purchased in 2007.
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