BNY Mellon Wants Fight Over BofA MBS Deal In State Court

Law360, New York (September 1, 2011, 9:04 PM EDT) -- Bank of New York Mellon Corp. said Wednesday that the dispute over the fairness of Bank of America Corp.'s $8.5 billion settlement with holders of Countrywide Financial Corp. mortgage-backed securities should be remanded to New York state court because it is not a class action.

“Frivolous is not a word to be used lightly, but it applies with full force to [Walnut Place LLC’s] removal of this matter to federal court under the Class Action Fairness Act,” settlement trustee BNY Mellon said.

Walnut Place, an intervenor,...
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