Two years after the lender hit the deal in claim resolution above homes that were loan bundled into securities, New York court has set to consider an US$8.5 billion settlement from Bank of America Corp.
The settlement is scheduled to be headed by Justice Kapnick and will be held in Manhattan at the State Supreme Court. The trial will begin today as a part of CEO Brian Moynihan's effort to clear up all liabilities being tied to the sale of home lender Countrywide Financial in 2008.
On the other hand, the deal is backed up by a group of investors including the BlackRock Inc. However, several oppositions that are led by the American International Group Inc. (AIG) should be overcome as they are arguing about the inadequate payments to be made by the Bank of America.
The deal that has gone two years of trial since it was first filed in 2011 was scheduled May 30 for hearing but may face to be moved to another trial date.
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