PIMCO Negotiator Praises $8.5B BofA Deal During Trial

Law360, New York (June 6, 2013, 6:22 PM EDT) -- A Pacific Investment Management Co. executive who helped bondholders negotiate an $8.5 billion mortgage-backed securities settlement with Bank of America Corp. said during a New York trial Thursday that the deal was the best one negotiators could have hoped for from the bank. 

PIMCO's Kent Smith, who helped negotiate the deal for PIMCO, testified that the discussions between PIMCO and 21 other bondholders, Bank of America and the securities' trustee, the Bank of New York Mellon Corp., were contentious before ultimately reaching a deal two years...
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