Bank of America was sued Friday in Florida Southern District Court in connection with services provided to the alleged perpetrator of an aircraft purchase Ponzi scheme. The suit, brought by Genovese Joblove & Battista on behalf of Metrocity Holdings LLC, contends that BofA provided false comfort letters and balance verification letters regarding the trust account of Wright Brothers Aircraft Title Inc. In reliance on those representations, the complaint states, the plaintiff placed millions of dollars into a trust/escrow account maintained by Wright Brothers and was defrauded out of $29 million. Counsel have not yet appeared for Bank of America. The case is 9:22-cv-80980, Metrocity Holdings, LLC v. Bank of America, N.A.
Banking & Financial Services
July 02, 2022, 1:02 PM