BofA's $8.5B Securities Settlement Shady: Investors

Law360, New York (July 5, 2011, 6:27 PM EDT) -- A group of investors told a New York state judge on Tuesday that a proposed $8.5 billion settlement between Bank of America Corp. and holders of Countrywide Financial Corp. securities backed by now-soured subprime mortgages is riddled with conflicts.

The investors, which include the Delaware-registered Walnut Place LLC and related entities, asked New York state Judge Barbara Kapnick to let them intervene in the court's review of the proposed settlement announced June 29 by the Bank of New York Mellon Corp., the trustee for 530 trusts...
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