The curious incident of the disputed CDO
Last month, Bank of America and Banca Popolare di Intra settled a lawsuit brought by the Italian bank over €62 million of CDOs it purchased in 2000 and 2001. Details of the transactions have now come to light. Nicholas Dunbar reports
In summer 2000, a senior official at Banca Popolare di Intra (BPI) received a phone call from a stranger. It was a salesman at Bank of America Securities (a subsidiary of the US banking giant), who had learned that the Italian bank was looking to restructure an investment. It was a fateful call that would lead, four years later, to the filing of a €40 million claim against Bank of America (BoA) at London's High Court of Justice.
The solution concocted by BoA for its client involved
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