NEW YORK – Bank of America Corp. has been given approval to settle its case with investors for $8.5 billion over faulty mortgage-backed securities originated in its Countrywide unit, according to a report in The Wall Street Journal on Friday. A New York State judge has given the go-ahead on a deal that was made in June 2011 but was opposed by certain investors including American Insurance Group Inc. . AIG argued the deal was unfair and that the amount was far short of the losses to investors. The more than two-year process is considered a victory for the bank that has been closely watched by the industry. Bank of America shares were down 1%.
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