Judge Urged To Nix BofA's $8.5B 'Frankenstein' MBS Deal

Law360, New York (November 19, 2013, 6:16 PM EST) -- Bank of America Corp. unilaterally dictated the terms of its $8.5 billion “Frankenstein monstrosity” of a settlement with institutional mortgage-backed securities investors, an attorney challenging the deal at trial told a New York judge Tuesday, urging the judge to veto the deal.

Daniel Reilly of Reilly Pozner LLP, who represents American International Group Inc., said during closing arguments that Bank of America was the driving force behind the settlement, pointing out that it had paid the attorneys' fees and for expert witnesses during the trial for...
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