$8.5B BofA Deal Negotiators Fight Investors' Jury Request

Law360, New York (May 10, 2013, 4:15 PM ET) -- The Bank of New York Mellon Corp. and the 22 institutional investors who negotiated an $8.5 billion mortgage-backed securities settlement with Bank of America Corp. blasted objecting investors' demand for a jury trial Thursday, saying it was clear that only a New York state judge could evaluate the deal.

The negotiators and the securities' indenture trustee BNY Mellon have sought Judge Barbara R. Kapnick's stamp of approval of the proposed settlement under a rarely used New York state law procedure known an Article 77 proceeding, which...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required