$20M Bank Of America Mortgage Deal Wins Final OK

Law360, Los Angeles (January 24, 2013, 1:57 PM EST) -- A California federal judge on Wednesday approved a revised $20 million settlement agreement between Bank of America Corp. and a class of homeowners, after provisions were inserted in the deal to keep unclaimed settlement funds from paying attorneys' fees or reverting to the bank.

The deal comes after U.S. District Judge Michael P. McCuskey rejected a proposed settlement in October over concerns that $2 million in attorneys' fees seemed excessive given that most class members would receive compensation totaling in the hundreds of dollars.

“There must...
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