Justice Barbara Kapnick said the $8.5 billion settlement, which was brokered in 2011 after a year's worth of discussions only to be challenged by a contingent of investors led by AIG for falling far short of projected losses, was made in good faith and within the bounds of reasonableness.
February 03, 2014 at 12:00 AM
1 minute read
Manhattan Supreme Court Justice Barbara Kapnick (See Profile) approved most of a $8.5 billion settlement Friday struck between Bank of America and investors exposed to major losses from troubled mortgage-backed securitizations prior to the financial crisis.
It was the final ruling issued by the Commercial Division judge before her appointment to the Appellate Division, First Department becomes effective today.
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