US federal judge rules in favour of BoA over bad Brazilian mill debts

A federal judge has awarded a Bank of America Corp. unit $146.1 mln in a breach-of-contract case against the Brazilian sugar and ethanol company Usinas Itamarati SA (UISA), over losses stemming from the 2008 global financial crisis, Reuters reported.

US District Judge Richard Sullivan said the bank’s Merrill Lynch Capital Services Inc. unit deserved the entire amount it sought because Itamarati had guaranteed obligations of its UISA Finance affiliate under a series of derivative transactions.

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