Boston, MA 02/25/2014 (wallstreetpr) – Bank of America Corp (NYSE:BAC) court cases seem not to come to any conclusive ending as Bank of New York Corp which negotiated the $8.5 billion settlement plans to appeal. Bank of New York Mellon corp plans to appeal the ruling by a New York judge that excluded some claims over modified loans.
Bank of America Corp (NYSE:BAC) has been on a rush to settle its litigations that have come as a result of faulty mortgages which have crippled it of $50 billion since the economic crisis of 2008 and the acquisition of countrywide unit. Bank of New York Mellon Corp plans to appeal Justice Barbara Kapnick exclusion of claims that BAC was entitled to repurchase all modified loans.
Bank of New York Mellon Corp in a statement claims the judge ruling was extremely erroneous especially on the ruling concerning loan modification. BNY Mellon maintains that its appeal is in the best interest of all investors. This comes at the back of Justice Saliann Scarpulla earlier last week turning down American International Group appeal of the $8.5 billion settlement package
Bank of America Option analysis
Bank of America Corp (NYSE:BAC) seem to be doing extremely well in other parts apart from its litigation cases in courts, Its options are a casing example as they set a 90 day record on call contracts that exchanged hands. Bank of America reported volume of puts at 45,879 and calls at 154,612 translating to a put/call ratio of 0.30.
The volume of the puts is an indication that the stock is expected to move in the coming months with investors being given a clear measure of traders sentiments.
Bank of America Corp (NYSE:BAC) was back to winning ways on Monday trading session with its stock moving up by 1.47% in active trading to open the week at a high of $16.53 as of close of business on Monday.