NEW YORK (Reuters) - A New York state judge declined to delay court approval of Bank of America Corp's $8.5 billion settlement with investors in mortgage-backed securities, rejecting a move by American International Group Inc.
At a hearing on Wednesday, Justice Saliann Scarpulla, of New York State Supreme Court, ordered the judgment by her predecessor in the case, Barbara Kapnick, to be officially recorded.
"It's very straightforward," Scarpulla told lawyers for AIG, which was one of the investors in the mortgage securities. "Judge Kapnick issued the order. ... If you don't like it, your remedy is to appeal."
Kapnick approved the settlement on Jan. 31, her last day overseeing the case before she was elevated to a state appeals court, and ordered a five-day delay before it was officially recorded. AIG on Feb. 4 asked Scarpulla, the new judge on the case, to delay recording of the judgment, saying Kapnick had left some matters unresolved.
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