NEW YORK (Reuters) - A new judge presiding over Bank of America Corp's proposed $8.5 billion settlement with investors in soured mortgage securities on Tuesday postponed entering a final judgment in the case, raising the possibility of additional legal maneuvers.
Justice Saliann Scarpulla of New York state court in Manhattan, who took over the case this week, agreed to delay the decision from taking effect until at least Feb. 19, according to lawyers involved in the case.
Scarpulla's decision came just four days after Justice Barbara Kapnick approved the settlement with the investors, who had bought securities issued by mortgage lender Countrywide Financial Corp. Bank of America acquired Countrywide during the financial crisis.
In her ruling last Friday, Kapnick said the ruling would take effect on Feb. 7. Kapnick's decision came on her last day as a trial court judge. She was promoted to a state appeals court effective Feb. 3, and most of her cases were handed over to Scarpulla.
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