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29
Jun

BofA Settles Securities Lawsuits for $8.5 Billion

In a possible sign of times to come, Bank of America Corp. announced today that it is settling a score of lawsuits from institutional investors for $8.5 billion.

The litigation, which included plaintiffs BlackRock Financial Management, Pacific Investment Management Co. and Western Asset Management, are related to the toxic mortgage-backed securities (MBS) that they purchased from defunct lender Countrywide.

Bank of America Chief Executive Officer Brian Moynihan released this statement:

“This is another important step we are taking in the interest of our shareholders to minimize the impact of future economic uncertainty and put legacy issues behind us. We will continue to act aggressively, and in the best interest of our shareholders, to clean up the mortgage issues largely stemming from our purchase of Countrywide.”

The settlement is the largest thus far from the fall-out of lenders packaging subprime mortgages into securities and selling them to mortgage bond investors without disclosing the quality, or lack of quality, of the loans. It could also pressure other mega-banks, such as JPMorgan Chase and Wells Fargo, to settle up lawsuits failed against them by other investors.

Read the original article by MSNBC.

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