An $8.5 billion settlement between Bank of America Corp. and investors in mortgage-backed securities won court approval on Jan. 31—more than two years after it was first announced. Barbara Kapnick, then-justice of the Supreme Court of New York, New York County, approved most of the settlement that Gibbs & Bruns negotiated and subsequently defended.
Scott Humphries, Gibbs & Bruns’ managing partner, said attorneys with the Houston firm had to “stand toe-to-toe” with Bank of America (BofA) to negotiate the largest private legal settlement in Wall Street’s history. The settlement is tied to the 2008 mortgage crisis that caused investors billions of dollars in losses.
