N.Y. court set to decide on BofA $8.5 billion settlement

AIG opposes the settlement, calling it “pennies on the dollar”

Will Bank of America’s $8.5 billion settlement with a group of investors, including BlackRock Inc. and Pacific Investment Management Co., that lost billions in the financial crisis stand? That’s for a New York court to decide on Nov. 18 in the investor group’s ongoing fight with AIG.

Bank of America reached the agreement with the investor group in June 2011 in order to resolve liabilities tied to faulty mortgages that have driven the company’s legal and regulatory losses up to $5.1 billion already. Lawyers for the investor group are to appear in New York state court on Nov. 18 to argue for the settlement’s validity.

Assistant Editor

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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