Opponents push final witness in BofA MBS settlement trial
According to Reuters, the final witness took the stand in a trial involving Bank of America's (BAC) $8.5 billion settlement with mortgage bond insurers. Opponents made a final push to derail the deal. Reuters has more.
Adam Levitin, a law professor at Georgetown University in Washington, is the last scheduled witness in a long-running case over whether the deal should be approved.
"My opinion is the settlement was not entered into in good faith," Levitin said in state court in New York.
Lawyers for the bank, the 22 institutional investors and even the judge questioned Levitin's expertise on the customs and practices of residential mortgage-backed securities trustees.
"If I think he goes over what his expertise will show, I just won't give it that much weight," Justice Barbara Kapnick said on Thursday.
Asked about the basis for his comments, Levitin said: "I teach about this stuff."