BofA Settlement Process ‘Seriously Flawed,’ Report Says

Tamar Frankel, School of Law

Bank of America Corp.’s $8.5 billion mortgage-bond settlement was reached through a “seriously flawed” process, said an expert for American International Group Inc. (AIG), which has challenged the deal…

Expert quote:

“The process in which the settlement was negotiated and reached is seriously flawed, as the trustee acted in conflict of interest and failed to exercise due care.”

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