Investors End Fight Against BofA's $8.5B MBS Settlement

Law360, New York (July 23, 2012, 5:22 PM EDT) -- One month after losing a pivotal court ruling, investor group Walnut Place LLC on Monday dropped its opposition to Bank of America Corp.’s $8.5 billion settlement with holders of Countrywide Financial Corp. securities backed by subprime mortgages.

Walnut, which is backed by hedge fund Baupost Group LLC, gave no reason for withdrawing from the case, but the action came on the heels of an important defeat in New York state court. Last month, a unanimous appeals panel shot down Walnut's lawsuit over how BofA handled more...
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