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AIG Global Securities Lending Corp. v. Banc Of America Securities LLC

Plaintiffs fail to allege why some representations regarding collections practices were misleading.

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Judge Koeltl

AIG GLOBAL SECURITIES LENDING CORP. v. BANC OF AMERICA SECURITIES LLC 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 through fixedterm, fixed-payment installment sales contracts. After Heilig-Meyers declared bankruptcy, the plaintiffs in this action sued the two firms from which they purchased the securities and alleged, among other things, securities fraud. The defendants have now moved to dismiss the Complaint.

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