Bank of America $8.5bn mortgage settlement approved

A New York state appeals court on Thursday approved Bank of America's $8.5bn settlement with mortgage securities investors in its entirety.

Reuters reports that the decision by the Appellate Division in Manhattan likely resolved one of the second-largest U.S. bank's last and largest legal liabilities related to the financial crisis.

Bank of America had agreed to the 2011 settlement with 22 institutional investors including BlackRock, MetLife and Allianz SE's Pacific Investment Management Co to resolve claims over $174bn of mortgage securities issued by the former Countrywide Financial.

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