MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Wednesday, June 29, 2011 BlackRock and Pimco Win a Settlement from BofA 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. Printed from: MFWire.com/story.asp?s=37199 Copyright 2011, InvestmentWires, Inc. All Rights Reserved |