""Delaware Attorney General Beau Biden"":http://attorneygeneral.delaware.gov/ has announced his opposition to the proposed $8.5 billion ""Bank of America"":https://www.bankofamerica.com/ settlement.
[IMAGE]He sent a petition to the New York Supreme Court expressing his disapproval and requesting permission to intervene in the court's review of the settlement.
""I am intervening to enforce our laws and to protect Delaware investors who may have been harmed by these
[COLUMN_BREAK]toxic securities,"" Biden said. ""Intervening in this settlement puts us in position to ensure that the banks are playing by the rules.""
According to Bien's office, at least two of the 530 trusts covered in the proposed settlement are incorporated in Delaware, and the state wants to make sure their interests are represented.
Only 22 institutional investors and the Bank of New York Mellon participated in the negotiations.
""There is limited access to the information exchanged between the parties to the proposed settlement during settlement negotiations,"" says the petition filed with the New York Supreme Court.
""In light of this, the Delaware Department of Justice does not have sufficient information to evaluate the adequacy of the settlement or its full impact on the interest of the State of Delaware,"" the petition continued.
The petition expressed Biden's concern that the settlement does not repay the losses suffered by all of the beneficiaries, ""some of whom are undoubtedly Delaware investors.""