Nearly two and a half years ago, Bank of America agreed to pay $8.5 billion to AIG, Black Rock, Met Life Insurance, the New York Fed, and others to settle the losses those firms incurred by purchasing substandard mortgage-backed securities before the housing crisis. On Saturday, AFP reported that New York State Supreme Court Justice Barbara Kapnick gave the offer the green light after rejecting AIG’s and other investors’ claim that the settlement was inadequate.
