(Source: Delaware Online) – Delaware Attorney General Beau Biden said Tuesday his office is objecting to the proposed settlement between Bank of America and Bank of New York Mellon over mortgage-backed securities stemming from the Countryside acquisition.Biden asked a New York court to let him join New York Attorney General Eric Schneiderman’s plea to reject the proposed $8.5 billion settlement of investor losses from 530 mortgage-backed securities. Like, Schneiderman, Biden claims the agreement left many investors out in the cold.

“I am intervening to enforce our laws and to protect Delaware investors who may have been harmed by these toxic securities,” Biden said. “Intervening in this settlement puts us in position to ensure that the banks are playing by the rules.”

Source: Delaware Online

7:37 PM, Aug. 9, 2011

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