Bank Of America and some big time investors just scored a victory as a judge ruled that their massive $8.5 billion settlement should be moved back to state court from federal court, according a report in Forbes. The record settlement was agreed to in June but has hit plenty of roadblocks including a battle between two subgroups of plaintiffs in the case.
One group,which includes big names like Pimco and Blackrock, believed it should remain in state court while the other, led by a group dubbed Walnut Place, wanted to see the case played out in federal court.
In October, a federal judge sided with Walnut Place saying the case “implicates core federal interests in the integrity of nationally chartered banks.” But today’s ruling moved the case back to state court where it originated, and likely offers some relief to the likes of lawyer Kathy Patrick and her clients which include Blackrock and Pimco….
Read all about it at http://www.forbes.com/sites/halahtouryalai/2012/02/27/big-win-for-bofa-pimco-blackrock-as-8-5-bil-settlement-moved-back-to-state-court/
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