Bank of America, N.A. v. Bear Stearns Asset Management

MEMORANDUM OPINION AND ORDER

ALISON J. NATHAN, District Judge:

This cases arises from a transaction between Plaintiffs Bank of America and Banc of America Securities LLC (“BAS”) (collectively “BOA”), and Defendant Bear Stearns Asset Management (“BSAM”) in May of 2007. The transaction led to the creation of a “CDO-squared” — that is, a Collateralized Debt Obligation (“CDO”) comprised of CDOs known as “the Issuer” — constructed out of Mortgage Backed Security (“MBS”) assets taken from two of BSAM’s funds. Following the default and liquidation of the two BSAM funds from which the Issuer’s assets…