BNY Mellon Appeals Claim Exclusions In BofA $8.5B MBS Deal

Law360, Los Angeles (February 21, 2014, 11:01 PM EST) -- The Bank of New York Mellon Corp. on Friday appealed a New York judge's decision to exclude loan modification claims when she approved Bank of America Corp.'s $8.5 billion settlement with institutional mortgage-backed securities investors.

Judge Barbara R. Kapnick found in late January that trustee BNY Mellon was out of line in exercising its power to settle the loan modification claims without investigating their potential worth or strength.

The settlement is aimed at resolving claims brought by holders of Countrywide Financial Corp.'s subprime MBS that went...
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