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$315M Settlement Pending in Bank of America Mortgage Backed Securities Lawsuit

New York, NY: Bank of America (BofA) has agreed a $315 million settlement in a securities fraud class action lawsuit that alleged the bank was misled about mortgage-backed investments sold by its Merrill Lynch unit. The settlement needs to approved by US District Judge Jed Rakoff before becoming final.

The Public Employees' Retirement System of Mississippi pension fund led the lawsuit, alleging that the investments contained questionalble subprime mortgages written by lenders Countrywide Financial Corp., First Franklin Financial, and IndyMac Bancorp - IndyMac went under in 2008.

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Last updated on Dec-6-11