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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bank of New York Mellon Corporation | NYSE:BK | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.40 | 0.71% | 57.00 | 57.21 | 56.48 | 56.91 | 2,214,002 | 01:00:00 |
By Shayndi Raice
A New York State judge approved an $8.5 billion settlement between Bank of America Corp. (BAC) and investors over soured mortgage-backed securities.
The deal, made in June 2011, was closely watched as a landmark agreement in which a bank agreed to pay billions to settle claims over mortgage securities turned toxic during the financial crisis.
American International Group Inc. (AIG) opposed the settlement. Lawyers for the insurance giant argued in court that the deal was unfair and that the trustee for investors, Bank of New York Mellon Corp. (BK), didn't fulfill its fiduciary duty.
New York State Supreme Court Judge Barbara Kapnick found that the trustee acted in good faith and gave a full and fair opportunity to all investors to make their views known on the deal.
The ruling is a major victory for the Charlotte, N.C., bank. It concludes a two and a half year process to gain approval for the deal, which caps about half of the claims against Bank of America for the sale of mortgage-backed securities to private investors before the U.S. housing collapse.
Write to Shayndi Raice at shayndi.raice@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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