Expert testifies that $8.5B BofA deal is "not reasonable"

11/15/2013 | Reuters

Adam Levitin, a law professor at Georgetown University in Washington, testified Thursday that an $8.5 billion deal that would enable Bank of America to settle claims involving bad mortgage-backed securities issued by Countrywide Financial "was not entered into in good faith." He agreed with opponents of the deal, who say Bank of New York Mellon, the trustee overseeing the securities, handled the loans improperly, putting its own interests ahead of investors.

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