CHARLOTTE, N.C. Bank of America Corp. said it filed a lawsuit in federal court Monday against three Brazilians from whom it bought Banco Liberal and Liberal Banking Corp. last year, alleging that the men embezzled $38 million from the businesses.
The suit, filed in the U.S. District Court for the Southern District of New York, names Antonio Carlos Braga Lemgruber, Aldo Floris, and Lauro Alberto De Luca, as well as 14 companies that Bank of America said are affiliated with Mr. Lemgruber.
Bank of America said it was misled about the value of Banco Liberal and Liberal Banking Corp. stock when it paid $139 million for the companies in a series of transactions in 2000 and 2001.
The North Carolina company said that it is seeking $38 million in damages plus unspecified compensatory and punitive damages. It said the lawsuit would have no effect on its operations in Brazil or elsewhere.
