Monday, February 27, 2012

Bank of America - Legal Victory

Bank of America's settlement with Bank of New York Mellon is moving back to New York state court, a legal win for BAC. 

http://newsandinsight.thomsonreuters.com/Legal/News/ViewNews.aspx?id=40610&terms=@ReutersTopicCodes+CONTAINS+'ANV'

To quote, "We are gratified that the matter has been resolved on appeal. We believe the trustee acted reasonably in entering into the settlement agreement and we look forward to completing judicial proceedings to approve the decision." BofA counsel Mirvis of Wachtell sent an email statement: "Yippee."

I will add a second "Yippee!"  The sooner the bank can get this legal wrangling behind it the sooner it will increase the dividend.

Regards,
Kevin

No comments:

Post a Comment