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$8.5 Billion BofA Settlement Sent Back to State Court

By Riley Guerin | Mar. 13, 2012
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Law Office Management

Mar. 13, 2012

$8.5 Billion BofA Settlement Sent Back to State Court

Last year's Bank of America settlement with investors for $8.5 billion over losses in mortgage-backed bonds has been sent back to state court.

Last year's Bank of America settlement with investors for $8.5 billion over losses in mortgage-backed bonds has been sent back to state court. The U.S. Court of Appeals for the Second Circuit ruled that the Class Action Fairness Act of 2005 requires the remand to the New York state Supreme Court.

Bank of America, which bought Countrywide Financial Corp. in 2008, settled with large hedge funds, but some investors objected and succeeded in having it removed to federal court. The case then headed to the Second Circuit on interlocutory appeal.
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Riley Guerin

Daily Journal Staff Writer
rguerin@journaltech.com

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