MBS Investors Could Have Derailed $8.5B BofA Deal, Atty Says

Law360, New York (July 16, 2013, 9:04 PM EDT) -- A former Bank of New York Mellon Corp. attorney testified Tuesday during a New York trial that the bank, as trustee for Bank of America Corp. mortgage-backed securities, didn't include all the securities' investors in negotiations that led to an $8.5 billion settlement because it could've made the talks "unworkable."

Robert Bailey, a former BNY Mellon in-house attorney who now works for JPMorgan Chase & Co., said BNY Mellon had done nothing wrong by not telling all the securities holders that a group of institutional investors...
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