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

OPINION AND ORDER

JOHN G. KOELTL, District Judge:

In 1998, eight institutional investors, the remaining plaintiffs in this case, purchased asset-backed securities. The securities were backed by consumer installment sales contracts entered into by the now-bankrupt furniture retailer, The HeiligMeyers Furniture Company (“Heilig-Meyers”). The institutional investors claimed that they purchased the securities in reliance on material misrepresentations and omissions made by a predecessor of the defendant Banc of America Securities LLC (the “defendant” or “BAS”). The plaintiffs lost nearly $120…