Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Bank of America settles mortgage suit for $315 million

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
Home » Discuss » Latest Breaking News Donate to DU
 
LeighAnn Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-11 10:51 AM
Original message
Bank of America settles mortgage suit for $315 million
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/...



That's pretty much it... wonder if the judge will pull a Rakoff and smack them down on offering this pittance
Refresh | +8 Recommendations Printer Friendly | Permalink | Reply | Top
kestrel91316 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-11 10:56 AM
Response to Original message
1. Betcha the victims get only about 10% and attorneys get the rest.
Printer Friendly | Permalink | Reply | Top
 
Auntie Bush Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-11 11:10 AM
Response to Reply #1
2. Count on it!
They should have been charged much, much more.
Printer Friendly | Permalink | Reply | Top
 
The Stranger Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-11 11:28 AM
Response to Reply #1
4. I'll take that bet. Now pay me.
That's a pretty stupid thing to post, for any number of reasons.
Printer Friendly | Permalink | Reply | Top
 
Phlem Donating Member (580 posts) Send PM | Profile | Ignore Tue Dec-06-11 11:26 AM
Response to Original message
3. Just a drop
in a swimming pool to them.

-p
Printer Friendly | Permalink | Reply | Top
 
Citizen Worker Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-11 11:34 AM
Response to Original message
5. The attorneys will get reimbursed for fees and costs + 40%.
Printer Friendly | Permalink | Reply | Top
 
The Stranger Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Dec-07-11 10:10 AM
Response to Reply #5
8. Bullshit. Stop lying. The court has to approve the settlement.
They won't ask for more than 15%.

Printer Friendly | Permalink | Reply | Top
 
DreamSmoker Donating Member (442 posts) Send PM | Profile | Ignore Tue Dec-06-11 11:52 AM
Response to Original message
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...
Printer Friendly | Permalink | Reply | Top
 
msongs Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-11 12:04 PM
Response to Original message
7. so where is the jail time for fraud? nt
Printer Friendly | Permalink | Reply | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sun Sep 21st 2014, 05:32 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Latest Breaking News Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC