NY AG Makes 2nd Play To Intervene In BofA's $8.5B MBS Deal

Law360, New York (April 10, 2012, 10:24 PM EDT) -- New York Attorney General Eric Schneiderman on Tuesday sought, for the second time, court approval to intervene in Bank of America Corp.’s $8.5 billion settlement with holders of Countrywide Financial Corp. mortgage bonds, saying the amount isn’t enough to compensate their losses.

In his amended intervention pleading in New York Supreme Court, Schneiderman questions the fairness and adequacy of the proposed settlement, which aims to resolve claims investors brought against Bank of America and Countrywide after the loans plummeted in value.

“The proposed settlement seeks to compromise investors’...
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