Judge Rejects Bid to Force BofA, Merrill To Account For Disputed $7.5B Wire
By CU Today Staff —
ATLANTA—A federal judge in Georgia has rejected an Atlanta investment company's emergency bid to force Bank of America and Merrill Lynch to explain what happened to an alleged $7.5-billion wire transfer or preserve the disputed funds while litigation proceeds.
According to Law360, the court found International Power Incorporated had failed to establish that it faced the irreparable harm required for emergency injunctive relief.
International Power sued Bank of America N.A. and Merrill Lynch, Pierce, Fenner & Smith Inc. on July 29 in U.S. District Court for the Northern District of Georgia. The company alleges that Deutsche Bank AG initiated or processed a $7.5-billion wire on or about May 13 that was intended for International Power's Merrill Lynch account, but the money was never credited to the account. The lawsuit sought an accounting of the transfer and emergency relief requiring the defendants to preserve the alleged funds.
Law360 reported when the lawsuit was filed that International Power claimed neither Bank of America nor Merrill Lynch had acknowledged possessing the funds or provided an explanation for why the transfer had not been credited. The company's complaint contends it faces immediate and irreparable harm if the location and status of the money cannot be established. Public court records identify the case as International Power Incorporated v. Bank of America, N.A. et al., No. 1:26-cv-04274.
The ruling does not resolve International Power's underlying claims over the purported transfer; it denies the company's request for extraordinary relief while the case moves forward.
Originally reported by CU Today.