Judge will not approve $335m BofA mortgage track deal

A US Judge has warned the counsel for Bank of America and those investors who said the bank misled them over the vulnerability of losses tied to a faulty mortgage-tracking system, he will not approve a $335m Bank of America class-action settlement until the injured parties are better informed regarding the payout.

By Pete Brush (April 13, 2016, 7:53 PM EDT) -- Manhattan U.S. District Judge William H. Pauley III warned counsel for Bank of America Corp. and investors who say the bank misled them about its vulnerability to losses tied to a faulty mortgage-tracking system that he would not bless a $335 million class-action settlement unless injured parties can be better-informed about the payout....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

Access to case data within articles (numbers, filings, courts, nature of suit, and more.)

Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.

Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS