Conflict is raging over a deal that could allow America’s biggest bank to settle on the cheap with irate mortgage-backed securities investors, reports Nate Raymond
On a typical Friday in August, Justice Barbara Kapnick’s state court at 60 Centre Street in Manhattan would be a pretty sleepy place. Not on Friday, 5 August. On that day, lawyers and reporters fought for seats. On the calendar: a proposed settlement that would resolve claims of investors who had bought $424bn (£261bn) worth of mortgage-backed securities from Countrywide Financial Corporation, now owned by Bank of America Corporation (BofA).
