BNY Mellon Opposes NY AG's Bid To Nix $8.5B BofA Deal

Law360, New York (August 17, 2011, 7:10 PM EDT) -- The Bank of New York Mellon Corp. on Tuesday fired back at New York Attorney General Eric Schneiderman's attempt to intervene in Bank of America Corp.'s $8.5 billion settlement with holders of depreciated Countrywide Financial Corp. mortgage-backed securities.

Schneiderman had criticized the deal as unfair for investors, including the 530 trusts that BNY Mellon oversees as a trustee, and says he wants to protect investors who were not a party to the settlement negotiations and have raised objections. The trusts had an original principal balance of...
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