The Los Angeles Times reported that the legal costs of Bank of America could continue to rise, mostly due to its ill-fated acquisition of Countrywide Financial Corp in 2008.
US District Judge Mariana Pfaelzer gave final approval to the USD 500 million class action settlement between Bank of America's Countrywide unit and its investors.
Three Federal Home Loan Banks withdrew their objections at the settlement of a New York lawsuit offered by the Bank of America for its Countrywide unit.
Judge Mariana Pfaelzer of the US District Court of Los Angeles temporarily approves Countrywide settlement for devalued residential mortgage backed securities.
The US Justice Department scored a major win when a New York federal jury found the Countrywide unit of Bank of America guilty for mortgage fraud.