Bank Of America Settlement Case Moved Back To State Court

Posted by Orb Staff on February 28, 2012 No Comments
Categories : Residential Mortgage

11008_0alawsuit2 Bank Of America Settlement Case Moved Back To State Court A case involving an $8.5 billion settlement between Bank of America and a group of investors has been returned to state court.

According to a Bloomberg report, the U.S. Court of Appeals in New York overturned a lower court ruling that moved the case from state court to federal court. ‘The case was not removable from state court and must be remanded,’ the appeals court said in its ruling.

The settlement, which was filed in 2011, resolves claims relating to mortgage bonds issued by Countrywide Financial Corp., which Bank of America acquired in 2008. The investors in the settlement include Bank of New York Mellon Corp. and BlackRock Inc.

Register here to receive our Latest Headlines email newsletter




Leave a Comment