Goldman Sachs filed a last minute objection Tuesday to Bank of America’s proposed $8.5 billion mortgage-bond settlement with investors, saying it lacked information, according to Reuters.The settlement was also objected by the New York AG earlier this summer. On Tuesday, the deadline to file objections, a number of other investors unhappy with either the payout or disclosures jumped in to object the settlement.
Among the other objectors was Goldman Sachs Group Inc, which said it lacks enough information to know whether the accord treats all “similarly situated” investors equally.
The proposed $8.5 billion settlement was over bad mortgage securities Bank of America recommended to high profile investors, including BlackRock, Pimco and the Federal Reserve Bank of New York. It might have resolved much of BofA’s legal liability tied to Countrywide.
Tons of investors have objected since the settlement was proposed, including:
On Friday, 11 investors sharing the name “Walnut Place” objected. BNYMellon, which negotiated the settlement, said it sought to move the case back to state court.
A Bank of America spokesman called the Walnut Place objection “tactical manoeuvring.”
Maybe Goldman’s is either that or, thanks for the downgrade?