Months before Bank of America Corp. began negotiating a settlement with large holders of mortgage-backed securities, hedge-fund manager John Paulson told senior executives not to give in to such demands, according to people familiar with the situation.
In one meeting last fall, Mr. Paulson, one of the bank's largest shareholders and a man who had made billions betting against risky mortgage-related debt, laid out a roadmap for fighting one group of prominent institutional investors. The claims brought in October by that group, which included giant money manager BlackRock Inc, evolved into the larger, $8.5 billion pact announced Wednesday….
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