BofA Pays Deutsche Bank, BNP $315M To End MBS Suits
Law360, Los Angeles (May 5, 2015, 8:58 PM EDT) -- Bank of America has paid $315 million to settle lawsuits brought by Deutsche Bank AG and BNP Paribas Mortgage Corp. over BofA’s handling of hundreds of millions of dollars in mortgage-backed notes, according to a recent Securities and Exchange Commission filing.
BofA said in the filing that the aggregate amount of the settlements was $315 million, which was fully accrued as of Dec. 31. The cases were voluntarily dismissed with prejudice in April.
BNP and Deutsche Bank brought separate but related lawsuits in 2009, claiming BofA marketed the notes, issued by Taylor Bean & Whitaker Mortgage Corp. through its Ocala Funding...
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