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Rating:BlackRock and Pimco Win a Settlement from BofA Not Rated 4.0 Email Routing List Email & Route  Print Print
Wednesday, June 29, 2011

BlackRock and Pimco Win a Settlement from BofA

News summary by MFWire's editors

Bank of America is shelling out $8.5 billion to settle allegations by 22 investors, including BlackRock [see profile] and Pimco [see profile], who suffered losses on mortgage-backed securities issued by Countrywide Financial, according to media reports.

The settlement "could embolden mutual-fund managers, insurance companies and investment partnerships to seek similar settlements with other major U.S. banks by arguing that billions of dollars in loans they bought before the housing collapse didn't meet sellers' promises or were improperly managed," writes The Wall Street Journal's Dan Fitzpatrick. 

Edited by: Armie Margaret Lee


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