Why Judge Pauley kept $8.5bn BofA MBS case in federal court [READ RULING]

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Why Judge Pauley kept $8.5bn BofA MBS case in federal court [READ RULING]

Why Judge Pauley kept $8.5bn BofA MBS case in federal court [READ RULING]

REUTERS-

The key paragraph in Manhattan federal judge William Pauley III‘s 21-page ruling Wednesday in Bank of America’s proposed $8.5 billion settlement with Countrywide mortgage-backed-securities investors is the last one.

“The settlement agreement at issue here implicates core federal interests in the integrity of nationally chartered banks and the vitality of the national securities markets,” Pauley wrote. “A controversy touching on these paramount federal interests should proceed in federal court.”

[REUTERS]

[ipaper docId=69693820 access_key=key-1bjhx7e5mnwtbtofqs0d height=600 width=600 /]

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