Judge Scolds Attys Bickering Over $8.5B BofA Settlement

Law360, New York (June 14, 2012, 6:22 PM EDT) -- A New York state judge reprimanded both the investors who negotiated and those challenging a proposed $8.5 billion settlement over Bank of America Corp.'s Countrywide Financial Corp. mortgage-backed securities for behaving like elementary-school children during a hearing Thursday.

"It's like you're in the second grade," said Judge Barbara R. Kapnick two hours into a wide-ranging hearing over document production. An attorney for the investors questioning the settlement had complained that an attorney for the institutional investors who negotiated the settlement refers to them as "objectors."...
To view the full article, register now.