Bank of Amer­ica set­tles claims

Shanghai Daily - - BUSINESS -

The sign of a Bank of Amer­ica ATM ma­chine is pic­tured in down­town Los An­ge­les. Bank of Amer­ica and its Coun­try­wide unit will pay US$ 8.5 bil­lion to set­tle claims that the lenders sold poor- qual­ity mort­gage- backed se­cu­ri­ties that went sour when the hous­ing mar­ket col­lapsed. The deal, an­nounced yes­ter­day, comes af­ter a group of 22 in­vestors de­manded that the bank re­pur­chase US$ 47 bil­lion in mort­gages that its Coun­try­wide unit sold to them in the form of bonds. — Reuters SINA Corp has part­nered with a Ja­panese In­ter­net com­pany to ex­pand its mi­croblog site out­side China.

Un­der the agree­ment, Find Ja­pan Inc will pro­vide Weibo ac­count ver­i­fi­ca­tion ser­vices for Ja­panese in­sti­tu­tions and celebri­ties start­ing next month. The part­ner­ship will al­low Ja­panese com­pa­nies and in­di­vid­u­als to have a chance to com­mu­ni­cate with more than 140 mil­lion Weibo users in Chi­nese.

Sina said ear­lier that it plans to roll out an English ver­sion of its Weibo ser­vice at the end of this year.

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