Delaware Attorney General Beau Biden is seeking involvement in a settlement between Bank of America (BofA), Bank of New York Mellon and mortgage-bond investors, The Wall Street Journal reports. As per the settlement, BofA will have to pay $8.5 billion to resolve claims from investors in Countrywide Financial Corporation’s mortgage bonds. Biden has opposed the agreement and urged to intervene in the case to protect investors and preserve the state’s ability to pursue legal claims. In June, BofA agreed to pay the $8.5 billion to settle claims by a group of investors, including BlackRock and MetLife, which lost money on mortgage-backed securities created before the collapse of the U.S. housing market.
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