NEW YORK (Reuters) - Bank of America Corp has rejected a bid to re-open negotiations into its proposed $8.5 billion settlement with investors in mortgage securities, indicating it plans to take its chances that a New York judge will approve the deal.
American International Group Inc and the Federal Home Loan Banks of Boston, Chicago and Indianapolis, which object to the settlement, sent a letter to Bank of New York Mellon Corp, the trustee overseeing the securities.
The letter, which was filed in New York State Supreme Court on Thursday, requested immediate settlement discussions.
"We are willing and available now to discuss ... how to best construct an open, fair and transparent process," Daniel Reilly, a lawyer for AIG, and Derek Loeser, a lawyer for the home loan banks, wrote.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
