A Hoopa Indian group filed suit against B of A.
The $15-million suit, filed in U.S. District Court in San Francisco by the Hoopa Valley Business Council, charges thatBank of America mishandled a trust fund for about 500 Hoopa Indian minors. The suit claims that B of A breached its responsibility to manage a decade-old $5-million trust account intended to provide Hoopa tribal children with money for a college education or other uses when they reach age 18. B of A said that its records are incomplete but acknowledged that the trust fund has sustained a loss from a decline in the value of its common stock portfolio.
More to Read
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.