Japanese Banks May Sue B of A Over Loan Snafu
NEW YORK — Several Japanese banks said Friday that they were considering legal action against BankAmerica to recoup several hundred million dollars they expect to lose in a badly managed U.S. student loan program plagued by computer software problems.
A group of Japanese banks and Citicorp, the largest U.S. bank, had issued letters of credit to guarantee notes sold by the California Student Loan Finance Corp. The quasi-public body packaged student loans and sold them in U.S. credit markets. BankAmerica is the trustee for $1 billion worth of the notes.
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