Bank of America subsidiary Merrill Lynch Professional Clearing Corp. has been ordered to pay hedge fund clients Rosen Capital Partners and Rosen Capital Institutional $63.7 million plus interest for an arbitration case dating back to the height of the financial crisis.
The total award for compensatory damages amounts to about $79 million including interest, said Hal Barza, partner at Quinn Emanuel Urquhart & Sullivan LLP, the Los Angeles law firm representing Rosen Capital in the case. That includes about $15.5 million in interest, which the Financial Industry Regulatory Authority panel set at 9% annual interest from Oct. 7, 2008 until the award’s payment.
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