AIG loses bid to delay BofA's $8.5bn settlement

A New York state judge declined to delay court approval of Bank of America's $8.5bn settlement with investors in mortgage-backed securities, rejecting a move by American International Group.

Reuters reports that at a hearing on Wednesday, Justice Saliann Scarpulla of New York State Supreme Court ordered the judgement by her predecessor in the case, Barbara Kapnick, to be officially recorded.

'It's very straightforward,' Scarpulla told lawyers for AIG, which was one of the investors in the mortgage securities. 'Judge Kapnick issued the order. ... If you don't like it, your remedy is to appeal.'

Kapnick approved the settlement on January 31, her last day overseeing the case before she was elevated to a state appeals court, and ordered a five-day delay before her approval was officially recorded. AIG on February 4th asked Scarpulla, the new judge on the case, to delay recording of the judgment, saying Kapnick had left some matters unresolved.

'Judge Kapnick told me the five-day stay she put in was merely a convenience to the parties,' Scarpulla said on Wednesday. 'She had no intention of leaving anything open.'

To access the complete Reuters article hit the link below:

BofA $8.5 billion deal to go forward; AIG loses bid to delay

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image: © Alex E. Proimos

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