Bank of America (NYSE:BAC) shareholders better familiarize themselves with Article 77, writes...

Bank of America (NYSE:BAC) shareholders better familiarize themselves with Article 77, writes Mark Palmer, as it's possible the $8.5B the bank has reserved to handle claims against Countrywide MBS will be woefully small. At issue is an Article 77 proceeding set to begin May 30 at which a judge could toss the $8.5B settlement. The number might then reach as high as $60.5B, writes Palmer - about 24% of the bank's book value.