Federal court to review BofA’s proposed $8.5 billion settlement

Deal with mortgage-bond investors concerns national interests, district judge says

Beleaguered Bank of America Corp. (BofA) just received confirmation that its legal troubles are far from over.

A judge decided yesterday that a federal court must review the bank’s proposed $8.5 billion settlement with investors that lost money on mortgage-backed securities because the deal, which would be the largest such payment by a financial services provider, concerns important national interests.

Ashley Post

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