BlackRock Inc. and Pacific Investment Management Co. are among investors set to make their final push for court approval of an $8.5 billion settlement with Bank of America Corp. over mortgage bonds that opponents say resolves only a small portion of their losses, Bloomberg News reported today. Lawyers for the investor group, which also includes Goldman Sachs Group Inc., are scheduled to begin closing arguments today in New York state court in Manhattan about why the settlement should be approved over opposition from American International Group Inc. AIG calls the deal a “pennies on the dollar” settlement while investor losses totaled more than $100 billion. Final arguments by supporters and opponents will wrap up a hearing over the agreement that began in June before New York State Supreme Court Justice Barbara Kapnick. The hearing began two years after Bank of America reached the settlement to resolve claims over mortgages packaged into securities. The accord settles claims that the loans backing the bonds didn't meet their promised quality.
