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Bank of America $8.5 billion settlement heads for court showdown
Posted By admin On June 3, 2013 @ 10:41 am In Money Watch | Comments Disabled
June 3, 2013
A long-running fight comes to a head on Monday when court proceedings begin over an $8.5 billion settlement between Bank of America Corp  and investors in mortgage securities that turned sour in the financial crisis.
Bank of America agreed to the proposed settlement in June 2011 to resolve claims by investors who held bonds  issued by mortgage lender Countrywide Financial Corp, which Bank of America bought in 2008.
Twenty-two institutional investors, including BlackRock Inc , MetLife Inc  and Allianz SE’s Pacific Investment Management  Co entered into the deal. But American International Group Inc and others objected, saying the settlement offered them only a fraction of the money they lost.
Justice Barbara Kapnick of New York State Supreme Court, who will decide the case without a jury, has set aside the first two weeks of June to hear the case.
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URLs in this post:
 Reuters: http://www.reuters.com/article/2013/06/03/us-bankofamerica-mbs-idUSBRE9520BX20130603
 Bank of America Corp: http://www.reuters.com/finance/stocks/overview?symbol=BAC&lc=int_mb_1001
 bonds: http://www.reuters.com/finance/bonds?lc=int_mb_1001
 BlackRock Inc: http://www.reuters.com/finance/stocks/overview?symbol=BLK&lc=int_mb_1001
 MetLife Inc: http://www.reuters.com/finance/stocks/overview?symbol=MLU&lc=int_mb_1001
 Investment Management: http://www.reuters.com/sectors/industries/overview?industryCode=208&lc=int_mb_1001
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