BNY Mellon Defends $8.5B BofA Deal After 2-Year Wait

Law360, New York (June 3, 2013, 6:54 PM EDT) -- The Bank of New York Mellon Corp. defended its decision Monday to accept an $8.5 billion mortgage-backed securities settlement for investors from Bank of America Corp. instead of holding out for a "pot of gold," as a trial over the deal kicks off two years after it was announced.

Matthew D. Ingber of Mayer Brown LLP, who represents the securities' trustee, BNY Mellon, said as the weeks-long bench trial began that the bank had acted in good faith when it negotiated the deal along with a...
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