Bank of America settles mortgage suit for $315 mln

National News

Bank of America agreed to pay $315 million to settle claims by investors that they were misled about mortgage-backed investments sold by its Merrill Lynch unit.

The settlement was disclosed in court papers filed late Monday in U.S. District Court in Manhattan and requires the approval of a judge.

The class action lawsuit was led by the Public Employees' Retirement System of Mississippi pension fund. The fund claimed that the investments were backed by poor quality mortgages written by subprime lenders Countrywide Financial Corp., First Franklin Financial, and IndyMac Bancorp, a bank that failed in 2008.

The settlement represents another attempt by Charlotte, North Carolina-based Bank of America Corp. to put its legal issues behind it. In the first half of the year alone the bank put up $12.7 billion to settle similar claims from different groups of investors.

U.S. District Judge Jed Rakoff has to approve the settlement, something that could prove difficult since the settlement includes no admission of guilt from Bank of America.

Just last week, Rakoff struck down a $285 million settlement that Citigroup Inc. reached with the Securities and Exchange Commission. The settlement would have imposed penalties on Citigroup even as it allowed the company to deny allegations that it misled investors.

Related listings

  • Court: State prisoners count at home in redistricting

    Court: State prisoners count at home in redistricting

    National News 12/05/2011

    A state court ruled Friday that prisoners must be counted among voters back in their home neighborhoods rather than in upstate prisons for the purpose of redrawing state legislative districts, a likely blow to the slim Republican majority in New York...

  • Farmers Insurance Settles Class Action Lawsuit

    Farmers Insurance Settles Class Action Lawsuit

    National News 12/01/2011

    Farmers Insurance entered into a settlement of a nationwide class action lawsuit, In Re Farmers Med-Pay Litigation, pending in the District Court of Canadian County, Oklahoma. The settlement includes Farmers Insurance Company, Inc., Farmers Insurance...

  • LA protesters defy eviction efforts, go to court

    LA protesters defy eviction efforts, go to court

    National News 11/29/2011

    Occupy Wall Street protesters who defied a deadline to remove their weeks-old encampment on the Los Angeles City Hall lawn stood their ground Tuesday as they faced uncertainty over when or if police would push them out of the park — and if an evictio...

Car Accident Lawyers in New Rochelle, New York

If you have gotten in a car accident, it could seriously change your life. Whether the accident was caused by the other party’s fault or a fault of your own, you’ll want to to make sure that you are ready to prepare yourself for any cases that might follow.

Immediately following any type of car accident, it is important to take certain steps to ensure that the courts will treat you with respect and fairly. First, assess your mental and physical condition. Make sure right after the accident, you document any information regarding the accident and situation, it can be of great help later on.

You’ll want to make sure that you seek professional help for any medical conditions you may be experiencing. Do not wait to seek medical attention, you’ll want to make sure that you have documented evidence of the injury that was caused by the accident. The amount of treatment is also taken into consideration in every case.

Business News

Clayton, MO Federal Criminal Defense Attorney The Law Offices of John M. Lynch, LLC, provides strong representation for clients with federal criminal defense. >> read
DuPage IL worker's comp lawyers The law firm of Krol, Bongiorno & Given, Ltd. has been a leader in the field of workers’ compensation law in DuPage, Illinois. >> read