The Wall Street Journal covered the first day of courtroom discussions over Bank of America’s controversial $8.5 billion settlement with investors over mortgage-backed securities that eventually led to steep losses.
The publication has more:
A hearing to approve an $8.5 billion settlement betweenCorp. and investors over soured mortgage-backed securities kicked off Monday with the trustee that negotiated the pact arguing it made a good-faith deal to settle investors’ claims against the bank, although not all the investors agreed.
The judge will decide if the pact between Bank of America, which purchased Countrywide in 2008, and investors was entered into in good faith. By asking for the court’s imprimatur, the trustee hopes to fend off any other future claims.