NY AG Seeks To Block $8.5B BofA, BNY Mellon Deal

Law360, New York (August 4, 2011, 10:02 PM EDT) -- New York Attorney General Eric Schneiderman on Thursday sought to block Bank of America Corp.'s $8.5 billion settlement with Bank of New York Mellon Corp. resolving claims from holders of Countrywide Financial Corp. mortgage-backed securities that tanked with the housing market.

In Thursday court filings, Schneiderman criticized the deal as unfair to those who invested in the 530 trusts that BNY Mellon oversees.

The size of the deal is a “fraction of the losses suffered” by investors and its terms advanced BNY Mellon's own financial interests...
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