Challenged $8.5B Deal 'Difficult' To Reach, BofA Exec Says

Law360, New York (June 10, 2013, 6:38 PM EDT) -- Bank of America Corp.'s chief risk officer testified Monday during a trial over an $8.5 billion mortgage-backed securities settlement that the bank never imagined it would end up paying that much when it began the negotiations that led to the deal. 

Terry P. Laughlin, the bank's chief risk officer, testified in downtown Manhattan during the trial over the $8.5 billion settlement — which some investors including American International Group Inc. have argued is too low — that the bank ultimately agreed to pay wasn't what it...
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