BofA Mortgage Deal ‘Insufficient,’ Western & Southern Says
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Bank of America Corp.’s proposed $8.5 billion mortgage-bond settlement with investors drew more criticism, as Western & Southern Life Insurance Co. called the deal “wholly insufficient.”
The settlement is “a sweetheart deal” and an attempt to “sweep aside the enormous liability” Bank of America faces from investors, Western & Southern said in a court filing today in New York State Supreme Court.