Summary Distribution Plan Notice of Bank of America Mortgage Obligations Distribution Fund
LAKE SUCCESS, N.Y., Aug. 6, 2018 /PRNewswire/ -- The following statement is being issued by GCG, LLC regarding the Summary Distribution Plan Notice of Bank of America Mortgage Obligations Distribution Fund.
UNITED STATES DISTRICT COURT
FOR THE WESTERN DISTRICT OF NORTH CAROLINA
Securities and Exchange Commission
v.
Bank of America, N.A. ("BANA"), Banc of America Mortgage Securities, Inc., and Merrill Lynch, Pierce, Fenner & Smith, Inc. f/k/a Banc of America Securities LLC.
Civil Action No. 3:13-cv-00447
SUMMARY DISTRIBUTION PLAN NOTICE OF BANK OF AMERICA MORTGAGE OBLIGATIONS DISTRIBUTION FUND ESTABLISHED BY THE SECURITIES & EXCHANGE COMMISSION ("SEC")
If you purchased Eligible Certificates known as the BOAMS 2008-A Trust ("BOAMS TRUST") prior to March 20, 2008 and held those certificates on March 20, 2008, you may be eligible for compensation.
PLEASE READ THIS ENTIRE NOTICE CAREFULLY.
YOU MAY BE ELIGIBLE TO RECOVER FROM THE BANK OF AMERICA MORTGAGE OBLIGATIONS DISTRIBUTION FUND.
THIS NOTICE CONTAINS IMPORTANT INFORMATION REGARDING YOUR RIGHTS.
What this Case is About
On August 6, 2013, the Securities and Exchange Commission ("SEC" or "Commission") brought suit against Defendant Bank of America, N.A. ("BANA"), Banc of America Mortgage Securities, Inc., and Merrill Lynch, Pierce, Fenner & Smith, Inc. f/k/a Banc of America Securities LLC (collectively, "Defendants"). In its Complaint for Injunctive and Other Relief, the SEC alleged that Defendants misrepresented and omitted certain material facts regarding the residential mortgage-backed securities ("RMBS"), known as the BOAMS 2008-A Trust ("BOAMS Trust"), which were offered and sold in 2008. Specifically, the SEC alleged that Defendants portrayed the BOAMS Trust as being backed by "prime" mortgage loans when, in fact, an unprecedented portion of the mortgage loans backing the security had been originated through mortgage brokers unaffiliated with BANA entities and were not prime quality.
Pursuant to the Final Judgments as to BANA, BOAMS and Merrill Lynch (the "Final Judgments") dated November 25, 2014, Defendants consented to entry of a judgment for violations of Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933, 15 U.S.C. §§ 77q(a)(2) and (a)(3). They jointly paid disgorgement of $109,220,000, prejudgment interest of $6,620,000 and a civil money penalty of $109,220,000; however, these amounts were deemed satisfied in full by the payment made by BANA to the United States Department of Justice ("DOJ") in accordance with the terms of an agreement dated August 20, 2014, among BANA, the DOJ and certain states. Of the amount paid by the Defendants, $115,840,000 was transferred by the DOJ to the Commission for distribution to harmed investors. The Court appointed Damasco & Associates, LLP, now known as Miller Kaplan Arase, LLP, as the Tax Administrator on October 21, 2015.1
On November 18, 2016, the Court entered an order appointing Garden City Group, LLC ("GCG") as the Distribution Agent.2
The SEC approved the Plan in its entirety on July 3, 2018.
Who is Eligible for Compensation
To qualify for a payment from the Distribution Fund, you must have purchased Eligible Certificates prior to March 20, 2008 and held those certificates on March 20, 2008 as described in the Plan. The Plan is available on the Distribution Fund's website at www.BOAMortgageObligations.com.
How to Obtain Compensation
You can file a Proof of Claim Form, also available on the website, by mailing the completed form to:
Bank of America Mortgage Obligations Distribution Fund
c/o GCG
P.O. Box 9349
Dublin, OH 43017-4249
[email protected]
You must complete and sign the Proof of Claim Form and submit it to the Distribution Agent so that it is postmarked or received (if not sent by U.S. Mail) no later than October 31, 2018.
If you have any questions, or if you would like to receive a Proof of Claim Form in the mail, you may call (800) 231-1815 in the United States, send an email to [email protected], or visit www.BOAMortgageObligations.com.
PLEASE CHECK THE WEBSITE WWW.BOAMORTGAGEOBLIGATIONS.COM FREQUENTLY FOR UPDATES.
1 See Order to Appoint Tax Administrator, Civil Action No. 3:13-cv-00447 (W.D.N.C.) (October 21, 2015)
2 See Order Appointing Distribution Agent, Civil Action No. 3:13-cv-00447 (W.D.N.C.) (November 18, 2016)
SOURCE GCG, LLC
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