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Judge rejects BofA's settlement over wrongful foreclosure

Bankruptcy Judge Christopher Klein rejected the proposed settlement that would end Bank of America Corp.'s yearslong dispute over a foreclosed property in California, The Wall Street Journal reported Oct. 5.

In March, Klein ordered BofA to pay $45 million over its wrongful foreclosure of plaintiffs Erik and Renee Sundquist's home. Of the total, the bankrupt couple would get almost $1.1 million and the rest would go to law schools and consumer advocacy organizations. BofA threatened to appeal the decision, which would further prolong the case, according to the Journal. In mid-August, BofA and the plaintiffs agreed on a proposed settlement of over $6 million, under which the schools and the advocacy groups would no longer receive any money, the publication added.

In his review of the settlement terms, however, Klein ordered the lawyers of both sides to renegotiate parts of the confidential agreement. The judge will review the revised settlement terms in an Oct. 18 hearing, the Journal wrote.