Bernstein Litowitz Reaches $315 Million Deal with BofA’s Merrill Unit in MBS Case

Three years and change after the subprime meltdown, huge swaths of the securities plaintiffs bar have their time and money tied up in class action suits against major issuers of mortgage-backed securities. But Bernstein, Litowitz, Berger & Grossmann is still the only plaintiffs firm to reach a settlement in any of the cases. Make that two settlements: On Monday, five months after securing a $125 million settlement from Wells Fargo, the firm filed papers seeking approval of a $315 million deal with Bank of America Corporation’s Merrill Lynch & Co. Inc.

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