Prudential Settles $2B RMBS Row With BofA, Merrill
Law360, Los Angeles (April 22, 2015, 7:48 PM EDT) -- Prudential Insurance Co. has agreed to resolve two suits alleging Bank of America NA, Merrill Lynch & Co. Inc. and others knowingly sold it $2.1 billion worth of "garbage" residential mortgage-backed securities, according to documents filed Wednesday in New Jersey federal court.
The companies filed a stipulation of dismissal with prejudice to end the disputes, which claim the Bank of America entities, Merrill Lynch entities and First Franklin Financial Corp. made false statements about the quality of the securities they were hawking.
Terms of a settlement were not discussed in the filing aside from the responsibility of each party to bear...
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