US Judge Approves $8.5 Bn Bank Of America Settlement

US Judge Approves $8.5 Bn Bank Of America Settlement

Via AFP:

A US judge has approved an $8.5 billion settlement between Bank of America and a group of investors for losses on dodgy mortgage-backed securities whose collapse triggered the 2008 financial crisis.

Justice Barbara Kapnick of the New York State Supreme Court green-lighted the 2011 accord Friday, rejecting demands to void it by some investors, including insurer AIG, who called it inadequate and alleged conflicts of interest, according to the decision seen by AFP.

Kapnick said the Bank of New York Mellon, representing the defrauded investors, "did not abuse its discretion in entering i...

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