BofA, BP, Citigroup, Samsung, Goldman, Intel in Court News
18.05.12
(Adds BP in Verdicts section.)
Dec. 28 (Bloomberg) -- A group of institutional investors including BlackRock Inc. persuaded a federal appeals court to consider its request to return an $8.5 billion bond settlement with Bank of America Corp. to state court for a judge's approval.
The U.S. Court of Appeals in New York yesterday agreed to review the appeal of U.S. District Judge William Pauley's ruling in October to keep the case in federal court for review, rather than remanding it to New York State Supreme Court.
The proposed agreement, first filed in New York state court, would settle claims from investors in the mortgage bonds of Countrywide Financial Corp., which Charlotte, North Carolina- based Bank of America bought in 2008. The deal was reached with the institutional investor group that includes BlackRock and Pacific Investment Management Co. and would apply to 530 mortgage-securitization trusts.
Bank of New York Mellon Corp., the trustee for the mortgage-bond trusts, filed the settlement in state court and planned to seek approval of it there. Under the state proceeding, approval would bind investors outside the group that negotiated the agreement.
Source: BusinessWeek