BofA's $8.5B MBS Settlement Flawed, AIG Expert Says

Law360, New York (March 1, 2013, 5:29 PM EST) -- An $8.5 billion Bank of America Corp. settlement over claims related to Countrywide Financial Corp. mortgage-backed securities was flawed, and the deal must be given a thorough examination before approval, two American International Group Inc. expert witnesses told a New York judge on Thursday.

Tamar Frankel, a law professor at Boston University and an experienced securities law practitioner, said the Countrywide securities' trustee had gone beyond its authority in negotiating the settlement. The trustee, Bank of New York Mellon Corp., had wrongfully expected Judge Barbara R....
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