$8.5B BAC settlement one step closer to resolution

Key opponent drops objection suit

Bank of America’s (BAC) $8.5 billion settlement with investors in mortgage-backed securities is another step closer to receiving final court approval. According to an article in Reuters, the Triaxx entities filed a proposed order to withdraw from the case in New York state court on Tuesday.

American International Group Inc, which led objectors to the settlement in a three-year legal battle, in July settled its disputes with Bank of America and dropped out.

Bank of America struck the deal in 2011 with 22 institutional investors in toxic securities issued by Countrywide Financial Corp, the mortgage lender the bank acquired at the height of the financial crisis. Those investors include BlackRock Inc, Allianz SE's Pimco and Metlife Inc.

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