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Bank of America, U.S. Bank Receive $69 Million Settlement Approval

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Bank of America and U.S Bank received final approval from a New York judge on their $69 million settlement involving a mortgage-backed securities class action lawsuit. This decision comes one week after the ruling that plaintiffs in a similar case could not intervene to oppose the deal, according to a report.

U.S. District Judge Katherine Forrest approved the settlement, which resolves allegations from investors that the banks failed in their role as trustees for mortgage-backed securities trusts containing sloppy loans that were issued by Washington Mutual Inc. before the 2008 financial crisis.

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