Law360, New York (April 13, 2016, 7:53 PM EDT) -- Manhattan U.S. District Judge William H. Pauley III warned counsel for Bank of America Corp. and investors who say the bank misled them about its vulnerability to losses tied to a faulty mortgage-tracking system that he would not bless a $335 million class-action settlement unless injured parties can be better-informed about the payout.Judge Pauley said the sides' proposal to send a boilerplate-laden, 44-page notice and a 10-page proof of claim form to potentially millions of class members was the “old-fashioned approach” and needed improvement.“I'm not going to approve that notice, because if I got it in the mail I... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
A US Judge has warned the counsel for Bank of America and those investors who said the bank misled them over the vulnerability of losses tied to a faulty mortgage-tracking system, he will not approve a $335m Bank of America class-action settlement until the injured parties are better informed regarding the payout.