Bank of America settles mortgage suit for $315 million

[LeighAnn]

Source: USA Today

Bank of America has agreed to pay $315 million to settle claims by investors that they were misled about mortgage-backed investments sold by its Merrill Lynch unit.

The settlement was disclosed in court papers filed late Monday in U.S. District Court in Manhattan and requires the approval of a judge.

The settlement represents another attempt by Charlotte, N.C.-based Bank of America (BAC) to put its legal issues behind it. Just in the first half of the year, the bank put up $12.7 billion to settle similar claims from different groups of investors.



Read more: http://www.usatoday.com/money/industries/banking/story/2011-12-06/Bank-of-America-settlement/51672492/1

---

That's pretty much it... wonder if the judge will pull a Rakoff and smack them down on offering this pittance

[kestrel91316]

1. Betcha the victims get only about 10% and attorneys get the rest.

[Auntie Bush]

2. Count on it!

They should have been charged much, much more.

[The Stranger]

4. I'll take that bet. Now pay me.

That's a pretty stupid thing to post, for any number of reasons.

[Phlem]

3. Just a drop

in a swimming pool to them.

-p

[Citizen Worker]

5. The attorneys will get reimbursed for fees and costs + 40%.

[The Stranger]

8. Bullshit. Stop lying. The court has to approve the settlement.

They won't ask for more than 15%.

[DreamSmoker]

6. And how much do the American People who lost their Homes get????

So investors get bailed but,
Nothing for the people as BofA is still squeezing them out of their Homes to date...

It boggles the mind to think that Americans are in the streets both living and Protesting because of this crap..
But no one in this Government is listening..
Posers say they are doing all they can.. But the lack of action to the People is so apparent...

[msongs]

7. so where is the jail time for fraud? nt