Published in: Home Loans

Bank of America, US Bancorp Settle Mortgage-Bond Suit

Bank of America and US Bancorp have agreed to settle their mortgage-bond suit for $69 million, Bloomberg News is reporting.

According to the news site, “Bank of America Corp. and US Bancorp (USB) agreed to pay $69 million to settle a lawsuit with investors who said the banks failed to protect them in their role as trustees for securities backed by Washington Mutual Inc. home mortgages.”

A federal judge in New York City must approve the agreement before it will take effect.

Image via flickr/401(K) 2012

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Bank of America, US Bancorp Settle Mortgage-Bond Suit

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