2nd Circ. Speeds Review Of $8.5B BofA Settlement Fight

Law360, New York (November 30, 2011, 8:11 PM EST) -- The Second Circuit on Wednesday agreed to quickly review Bank of New York Mellon Corp.'s request to return a dispute over Bank of America Corp.'s $8.5 billion settlement with holders of Countrywide Financial Corp. mortgage-backed securities to New York state court.

BNY Mellon, the settlement's trustee, had made the request after a federal judge granted intervenor Walnut Place LLC's motion to move the settlement to federal court on Oct. 19 because it centers on national interests in financial market integrity.

The Second Circuit on Wednesday also...
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