- It's not over yet. While a NY state judge upheld Bank of America's (BAC -0.8%) $8.5B mortgage settlement with private investors, the dissident investors - led by AIG - have asked a new judge presiding over the case (the original judge has been promoted) to take another look, and she has agreed to do so.
- Lawyers for investors who support the settlement like BlackRock and MetLife sent a letter to the new judge reminding the dissidents own just 7% of the securities in question and are holding "the entire settlement hostage indefinitely." Should the judge allow a new hearing, they are requesting AIG be required to post about $1M per day to cover the costs a stay would have on those who want their settlement monies.
BofA $8.5B mortgage settlement back in court
Feb 19 2014, 12:14 ET