Bank of America Corp. has agreed to dismiss a federal lawsuit it filed in October 2010 against Ankeny businessman Dennis Albaugh, an investment partner and a development company in Marco Island, Fla., according to a document filed in U.S. District Court in Des Moines. The lender had filed a lawsuit claiming that $9.6 million was due on an $11.5 million loan to SanCaro Development Inc., a real estate development company that lists Albaugh as a director. In November 2010, Bank of America asked a federal judge to stay the lawsuit pending the resolution of a forbearance agreement.