{"id":6087,"date":"2016-12-30T17:35:00","date_gmt":"2016-12-30T23:35:00","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1311"},"modified":"2020-09-02T09:14:14","modified_gmt":"2020-09-02T14:14:14","slug":"335m-mortgage-backed-securities-settlement-psers-institutional-investors-approved-class-action-lawsuit-bank-america","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/335m-mortgage-backed-securities-settlement-psers-institutional-investors-approved-class-action-lawsuit-bank-america\/","title":{"rendered":"\u00a0$335M Mortgage-Backed Securities Settlement for PSERS, Other Institutional Investors is Approved in Class Action Lawsuit Against Bank of America"},"content":{"rendered":"<p>US District Court Judge William Pauley III has approved a $335M settlement in a securities fraud case against <a href=\"https:\/\/www.investorlawyers.com\/investor-claims\/broker-misconduct\/\">Bank of America (BAC)<\/a>. This one of the largest class action settlements involving securities buyer claims related to the 2008 financial crisis. Among the investors that will be able to avail of the settlement are the Pennsylvania Public School Employees&#8217; Retirement System (PSERS), the Anchorage Fire and Police Retirement Fund, the Arkansas Teacher Retirement Fund, a number of asset managers, and two trade unions.<\/p>\n<p>PSERS served as lead plaintiff for those that purchased the bank\u2019s common stock or common equivalent securities on a US public exchanges and later sustained losses between 2\/27\/09 through 10\/19\/10. According to a PSERS Spokesperson, the Pennsylvania retirement plan lost approximately $8M of its holdings with Bank of America.<\/p>\n<p>The mortgage-backed securities case accused Bank of America of misleading investors about the position it took in MBSs and of hiding debt. They also claim that the bank compelled them to purchase Bank of America stock that was sold to pay back $45B of federal bailout funds from TARP. The plaintiffs alleged that the bank was aware that it could not raise enough capital to avoid TARP restrictions on executive salaries if it were to disclose that it might have to buy back billions of dollars of securities that were backed by high-risk loans.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/335m-mortgage-backed-securities-settlement-psers-institutional-investors-approved-class-action-lawsuit-bank-america\/#more-6087\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>US District Court Judge William Pauley III has approved a $335M settlement in a securities fraud case against Bank of America (BAC). This one of the largest class action settlements involving securities buyer claims related to the 2008 financial crisis. Among the investors that will be able to avail of the settlement are the Pennsylvania [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3751,3752,3757],"tags":[2695],"class_list":["post-6087","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-financial-firms","category-mortgagebacked-securities","tag-pennsylvania-public-school-employees-retirement-system"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>$335M MBS Settlement for PSERS And More | Securities Fraud Attorney<\/title>\n<meta name=\"description\" content=\"US District Court Judge has approved a $335M mortgage-backed settlement in a securities fraud case against Bank of America (BAC).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/335m-mortgage-backed-securities-settlement-psers-institutional-investors-approved-class-action-lawsuit-bank-america\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"$335M MBS Settlement for PSERS And More | Securities Fraud Attorney\" \/>\n<meta name=\"twitter:description\" content=\"US District Court Judge has approved a $335M mortgage-backed settlement in a securities fraud case against Bank of America (BAC).\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"$335M MBS Settlement for PSERS And More | Securities Fraud Attorney","description":"US District Court Judge has approved a $335M mortgage-backed settlement in a securities fraud case against Bank of America (BAC).","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/335m-mortgage-backed-securities-settlement-psers-institutional-investors-approved-class-action-lawsuit-bank-america\/","twitter_card":"summary_large_image","twitter_title":"$335M MBS Settlement for PSERS And More | Securities Fraud Attorney","twitter_description":"US District Court Judge has approved a $335M mortgage-backed settlement in a securities fraud case against Bank of America (BAC).","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/335m-mortgage-backed-securities-settlement-psers-institutional-investors-approved-class-action-lawsuit-bank-america\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/335m-mortgage-backed-securities-settlement-psers-institutional-investors-approved-class-action-lawsuit-bank-america\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"\u00a0$335M Mortgage-Backed Securities Settlement for PSERS, Other Institutional Investors is Approved in Class Action Lawsuit Against Bank of America","datePublished":"2016-12-30T23:35:00+00:00","dateModified":"2020-09-02T14:14:14+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/335m-mortgage-backed-securities-settlement-psers-institutional-investors-approved-class-action-lawsuit-bank-america\/"},"wordCount":334,"keywords":["Pennsylvania Public School Employees' Retirement System"],"articleSection":["Bank of America","Financial Firms","Mortgage-Backed Securities"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/335m-mortgage-backed-securities-settlement-psers-institutional-investors-approved-class-action-lawsuit-bank-america\/","url":"https:\/\/www.investorlawyers.com\/blog\/335m-mortgage-backed-securities-settlement-psers-institutional-investors-approved-class-action-lawsuit-bank-america\/","name":"$335M MBS Settlement for PSERS And More | Securities Fraud Attorney","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2016-12-30T23:35:00+00:00","dateModified":"2020-09-02T14:14:14+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"US District Court Judge has approved a $335M mortgage-backed settlement in a securities fraud case against Bank of America (BAC).","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/335m-mortgage-backed-securities-settlement-psers-institutional-investors-approved-class-action-lawsuit-bank-america\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/335m-mortgage-backed-securities-settlement-psers-institutional-investors-approved-class-action-lawsuit-bank-america\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/335m-mortgage-backed-securities-settlement-psers-institutional-investors-approved-class-action-lawsuit-bank-america\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"\u00a0$335M Mortgage-Backed Securities Settlement for PSERS, Other Institutional Investors is Approved in Class Action Lawsuit Against Bank of America"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards &amp; 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