Tutor Perini Corporation v. Banc of America Securities LLC et al

Filing 72

Judge Nathaniel M. Gorton: ORDER entered. ORDER ON REPORT AND RECOMMENDATIONS adopting 63 Report and Recommendations. Action on motion: granting in part and denying in part 36 Motion to Dismiss. "After consideration of defendants' objections thereto (Docket No. 70), Report and Recommendation is accepted and adopted."(Patch, Christine)

Case 1:11-cv-10895-NMG Document 63 Filed 07/17/13 Page 1 of 61

UNITED STATES DISTRICT COURT

DISTRICT OF MASSACHUSETTS

TUTOR PERINI CORP.,

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Plaintiff,

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BANC OF AMERICA SECURITIES LLC,
now known as Merrill Lynch, Pierce, Fenner
& Smith Incorporated, successor by merger,
and BANK OF AMERICA, N.A.,
Defendants.

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CIVIL ACTION
NO. ll-10895-NMG

REPORT AND RECOMMENDATION
ON DEFENDANTS' MOTION TO DISMISS
July 17,2013
DEIN, U.S.MJ.

I. INTRODUCTION
This action, like many similar actions that have been filed throughout the country,
was triggered by the collapse of the aucti()u rate

sec~~ities_('AR~)

market in February

2008. In this case, the plaintiff, Tutor Perini Corp. ("Tutor Perini"),1 has brought claims
against its broker and investment advisor, Bane of America Securities LLC, now known
as Merrill Lynch, Pierce, Fenner & Smith, Incorporated ("BAS"), and BAS's affiliate,
Bank of America, N.A. ("BANA"). Tutor Perini alleges that during the time period from

I In September 2008, Tutor Saliba Corporation merged with Perini Corporation, leaving
Perini Corporation as the surviving entity. Thereafter, in May 2009, Perini Corporation changed
its name to Tutor Perini. (Docket No. 30 at I n.l). For the sake of simplicity, this court has
referred to the plaintiffonly by its present name, Tutor Perini.

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