After a series of setbacks, investors unhappy with Bank of America’s proposed $8.5 billion mortgage-backed securities settlement may have just forced open a new route to recovering their MBS losses and challenging the deal.
On April 3, Southern District Judge William Pauley III (See Profile) partly denied a motion to dismiss a class action against Bank of New York Mellon, which acted as trustee to hundreds of trusts for billions of dollars in Countrywide-issued MBS. The ruling allows the plaintiffs to pursue federal claims against BNY Mellon, and it gives Countrywide investors new ammunition to disrupt BofA’s proposed settlement.
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