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Municipal Bondholders Sue Bank of Oklahoma Financial
In separate bond fraud lawsuits, two groups of municipal bond holders are suing Bank of Oklahoma Financial (BOKF), also called BOK Financial Corp. They claim that the bank was not a responsible trustee to certain conduit bondholders that were harmed by fraud.
The first securities lawsuit is a class action brought by eight plaintiffs in the U.S. District Court for the Northern District of Oklahoma. They are claiming a number of causes of action, including gross negligence, aiding and abetting fraud, breach of fiduciary duty, civil conspiracy, and aiding and abetting breach of fiduciary duty.They want a jury trial and over $5M in compensatory damages.
The second case includes 20 individuals and a company. All of them invested in conduit bonds. They brought their case in Tulsa District Court in Oklahoma and are asking for exemplary damages of up to $5M, as well as yet-to-be determined actual damages.