FHFA Reports 'Irrelevant' To $8.5B BofA Deal, Investors Say

Law360, New York (June 26, 2013, 5:37 PM EDT) -- The institutional investors backing an $8.5 billion Bank of America Corp. mortgage-backed securities settlement said Wednesday that the New York state judge overseeing a trial over the deal shouldn't consider two Federal Housing Finance Agency inspector general reports because they're irrelevant.

Some investors, including  American International Group Inc., have challenged the proposed settlement because they say $8.5 billion isn't enough money and they don't know enough about how the deal was negotiated.

One of the objectors, a Chicago police pension fund, said Judge Barbara R. Kapnick...
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