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Finkelstein Thompson LLP Announces Investigation of Bank of America

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  Published in Business and Finance on Wednesday, July 6th 2011 at 20:00 GMT by Market Wire
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WASHINGTON--([ BUSINESS WIRE ])--Finkelstein Thompson LLP is investigating Bank of Americaa™s (NYSE: BAC) proposed global settlement of claims related to residential mortgage-backed securities backed by Countrywide mortgages. The investigation is focused on whether the settlement is fair, adequate, and reasonable, as well as the circumstances surrounding the partiesa™ agreement to the settlement and its terms. Reportedly, Bank of America would be released from certain investor claims for a payment that amounts to only two cents on the dollar.

The deal calls for the bank to pay $8.5 billion to settle the claims relating to 530 mortgage-backed securities, representing $424 billion in mortgages. The proposed settlement is supported by a group of twenty-two large institutional investors claiming to have large positions. The mortgages were originally issued by Countrywide Financial, which Bank of America acquired in 2008. The deal would not only settle claims with respect to the twenty-two investors, but also those of all others who have positions in the same securities.

If you are interested in discussing your rights as an owner of mortgage-backed securities issued by Countrywide, or have information relating to this investigation, please contact Finkelstein Thompson's Washington, DC offices at (877) 337-1050 or by email at [ contact@finkelsteinthompson.com ].

Finkelstein Thompson LLP has spent over three decades delivering outstanding representation to institutional and individual clients in financial litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers.

To learn more about Finkelstein Thompson LLP, please visit our web site at [ www.finkelsteinthompson.com ]. Attorney advertising. Prior results do not guarantee similar outcomes.