Pension Funds Cry Foul Over $8.5B BofA, Investors Deal

Law360, New York (July 6, 2011, 5:19 PM EDT) -- A group of public pension funds joined other investors Wednesday in New York objecting to a proposed $8.5 billion settlement between Bank of America Corp. and holders of Countrywide Financial Corp. securities, arguing that it shortchanges older investors.

The pension funds asked New York state Judge Barbara Kapnick to let them and other pension funds intervene in the court's review of the proposed settlement announced June 29 between a group of 22 investors and the Bank of New York Mellon Corp., the trustee for 530 trusts...
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