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Post date: June 7 2012

Statement From Office Of Attorney General On Court Ruling In Bank Of America Mortgage-Bond Litigation


NEW YORK — A New York judge today granted Attorney General Eric T. Schneiderman's right to intervene in litigation over Bank of America's proposed $8.5 billion settlement with mortgage-bond investors over opposition by Bank of New York Mellon, the trustee for investors. Schneiderman sought to intervene in the case to protect the interests of investors not involved in structuring the agreement, because it is far less than the massive losses investors have faced and will continue to face.

The following statement can be attributed to James Freedland, spokesman for Attorney General Schneiderman:

“Today’s ruling is an important victory in Attorney General Schneiderman’s extensive work to protect the integrity of New York’s global financial markets while providing meaningful relief to those who have suffered from the mortgage crisis. Attorney General Schneiderman’s goal in joining in this action is to make sure that those who had no voice in the negotiation of this settlement are treated fairly, and this ruling makes that possible.”