A New York court is due to start a hearing today over whether it should approve Bank of America...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

A New York court is due to start a hearing today over whether it should approve Bank of America (BAC) $8.5B agreement to settle claims with investors over soured mortgage bonds. While heavyweights such as BlackRock (BLK) and Goldman Sachs (GS) support the deal, it faces opposition from AIG (AIG), which says it has $10.5B worth of claims against BofA. Approval of the agreement would enable the bank to take a major step in cleaning up the mess it inherited when it bought Countrywide.