Reuters writes that an appeals court on Tuesday granted an appeal of a controversial ruling that moved consideration of Bank of America Corp's $8.5 billion settlement over mortgage debt to federal court.
The 2nd U.S. Circuit Court of Appeals in New York said it plans to rule within a 60-day period on whether U.S. District Judge William Pauley in Manhattan correctly took the case from a New York state court. It asked the parties to address several issues, including whether the settlement qualified as a "mass action" allowing federal court review. The settlement announced in June was intended to resolve claims by investors in 530 mortgage securitization trusts with $174 billion of unpaid principal that the home loans underlying their investments were toxic or underwritten poorly….
Read more at http://www.huffingtonpost.com/2011/12/27/bofa-settlement-state-court_n_1171544.html?ref=business
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