New York Attorney General Eric Schneiderman has petitioned to intervene in the proposed $8.5 billion Bank of America Corp. private-label mortgage settlement.

The brief, filed late Thursday, is the fiercest challenge to date of the pact, which has already drawn scrutiny from various groups of private investors. Schneiderman also appears to question whether Bank of New York Mellon Corp. kept track of key mortgage documents, and he accuses it of "repeated fraud and illegality."

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