BofA's $8.5B Deal With MBS Investors Gets Judge's Nod

Law360, New York (January 31, 2014, 2:47 PM EST) -- Bank of America Corp.’s $8.5 billion mortgage-backed securities settlement with institutional investors was approved by a New York judge on Friday, under a rarely used New York state law procedure for the judicial review of trustee decisions.

New York Supreme Court Judge Barbara R. Kapnick found that the 2011 deal to resolve claims brought by holders of Countrywide Financial Corp. securities backed by subprime mortgages that went bust during the financial crisis has been negotiated in good faith.

The settlement had been fiercely opposed by investors...
To view the full article, register now.