(Updates with court filing in second paragraph.)
Nov. 9 (Bloomberg) -- Delaware Attorney General Beau Biden shouldn’t be allowed to intervene in litigation over Bank of America Corp.’s proposed $8.5 billion mortgage-bond settlement with investors, Bank of New York Mellon Corp. said.
The attorney general’s office doesn’t have a right to intervene in the case and its request should be denied, Bank of New York said in a court filing today in U.S. District Court in Manhattan.
Biden has asked for a federal judge’s permission to participate in the case, saying he is seeking to protect the interests of investors and protect claims he may have, according to a court filing.
The proposed settlement would resolve claims from investors in Countrywide Financial Corp. mortgage bonds. Countrywide was acquired by Bank of America in 2008. Bank of New York acts as trustee for the mortgage-bond trusts and is seeking court approval of the settlement.
The case is Bank of New York Mellon v. Walnut Place LLC, 11-cv-5988, U.S. District Court, Southern District of New York (Manhattan).
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