Fitch: Shift to NY Court Might Hasten $8.5 Bln Settlement Approval

Fitch Ratings thinks that the decision Monday by the U.S. Appeals Court in Manhattan to send back the proposed $8.5 billion Countrywide Financial Corp. (CFC) RMBS settlement back to state court might facilitate its approval. Bank of America Corp. (BAC) bought CFC in an all-stock deal in 2008.

The case was removed last year from the New York state court and brought to federal court after geting many objections from investors that were not part of the settlement group.