A Hoopa Indian group filed suit against B of A.
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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.
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