Bank of America Corp.'s $8.5 billion settlement with mortgage-bond investors is set to be considered by a New York court two years after the lender struck the deal to resolve claims over home loans bundled into securities, Bloomberg News reported today. The settlement, scheduled to be considered by Justice Barbara Kapnick in State Supreme Court in Manhattan starting today, is part of an effort by Chief Executive Officer Brian Moynihan to clear up liabilities tied to the purchase of home lender Countrywide Financial in 2008. Although the deal has the backing of an investor group that includes BlackRock Inc., it must overcome opposition from investors led by American International Group Inc. who argue that Bank of America is not paying enough.
