Bank of America sues itself, management unhappy with outcome

HEINUS – FORT LAUDERDALE  Bank of America has filed suit against itself more than 110 times in Florida mortgage foreclosure cases. One example: on March 29, 2012, in a foreclosure matter filed in Palm Beach County, Bank of America is listed as plaintiff and Alegandro Caro, Nicola Revell and Bank of America are listed as defendants.

According to press reports, top management of Bank of America is unhappy with its legal teams and that fact that these staff lawyers are losing half of their cases. Mikhail Vaspachrey, vice president of Bank America for legal affairs says if this trend continues there will likely be a shake-up among Bank of America staff attorneys. “We pay these guys lots, you know? Vaspachrey said. “And is winning that is important to top bosses. If law staff cannot win cases, even when both plaintiff and defendant, then perhaps we show them special door.” Vaspachrey, a former Russian special forces commander, refused to expand on his comments.

Sydney Matta, a legal professor at the University of East Florida said it was unusual for corporations to expect legal teams to win cases when suing themselves. “I’ve not seen a lot of success in this area,” Matta said. “But there is currently a law in Congress that would make ‘too large to fail’ banks automatic winners in any case where they sued themselves. Unless losing provided them with a superior tax position, in which case the bank would automatically lose, too.”

(Old Miami Courthouse image by SebasTorrente, Bank of America tower image by Jleon)