SAN FRANCISCO — A “clerical error” could cost Bank of America and Citibank $51 million if Heller Ehrman has its way in bankruptcy court.
Bank of America, acting for itself and as an agent of Citibank, terminated both institutions’ security interests (.pdf) in Heller on Aug. 3, 2007, according to public records obtained from the California Secretary of State. The banks admit they made a mistake, and still want to be considered secured creditors, but courts haven’t looked kindly on similar errors in the past.
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