$8.5B BofA Settlement Will Be Weighed By Judge, Not Jury

Law360, New York (May 20, 2013, 2:05 PM EDT) -- A New York state judge said Monday that she alone, and not a jury, will decide if Bank of America Corp. can go through with a $8.5 billion mortgage-backed securities settlement, finding that the process used doesn't require a jury.

At the end of a hearing in Manhattan, Judge Barbara R. Kapnick said that what the securities' indenture trustee, Bank of New York Mellon Corp., is hoping trying to do — get judicial approval of the settlement and how it was reached with the institutional investors...
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