BofA's $8.5 Billion Mortgage Accord Set for May Hearing

Bank of America Corp.’s $8.5 billion mortgage-bond settlement with investors is scheduled to be considered for approval at a court hearing next May, almost two years after it was filed.

Justice Barbara Kapnick of New York State Supreme Court will hold a final hearing on the settlement, which has been tied up in litigation, on May 2, 2013, according to a scheduling order dated Aug. 10.

The settlement, which would resolve claims tied to Countrywide Financial mortgage bonds, was filed in state court for approval in June 2011. Investors, including American International Group Inc. (AIG), have intervened in the case seeking more information about the agreement.

In her scheduling order, Kapnick set a March 15 deadline for briefs supporting or opposing the settlement.

The case is In the matter of the application of the Bank of New York Mellon, 651786-2011, New York State Supreme Court, New York County (Manhattan).

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