A summary of Southern California-related business litigation developments during the week of March 26:

BofA, Arthur Andersen Sued: Bank of America and the accounting firm of Arthur Andersen & Co. were named as defendants in a multimillion-dollar lawsuit filed in Los Angeles Superior Court claiming that they allowed fraud in the sale of about $60 million in securities backed by questionable mortgages. The four investors’ suit claims that they lost thousands of dollars in limited partnership units or promissory notes issued by a group of companies controlled by Alexander Spitzer. He has filed for personal bankruptcy and is the subject of a city attorney lawsuit alleging racketeering and fraud in connection with ownership of 11 Los Angeles slum buildings. (Filed March 26, Case No. 04001225)