BigClassActions.com
Advertisement

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

This is a settlement for the Merrill Lynch and Bank of America lawsuit.

- by

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.

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in our form on the right.

Add Your Comment on This Issue

Please read our comment guidelines before posting.


Note: Your name will be published with your comment.


Your email will only be used if a response is needed.

Request Legal Help