Walnut Place Pipes Up Over $8.5B BofA Settlement

Law360, New York (July 13, 2011, 4:03 PM EDT) -- Investor group Walnut Place LLC on Wednesday ratcheted up its cry to intervene in a New York state court's review of a proposed $8.5 billion settlement between Bank of America Corp. and holders of Countrywide Financial Corp. securities.

Walnut Place is one of several investors looking to jump into the proceeding launched June 29 by the Bank of New York Mellon Corp., the trustee for 530 trusts that hold Countrywide-backed securities with an original principal balance of $424 billion. BNY Mellon had announced an agreement with...
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