New York AG cancels bank settlement statement

WASHINGTON – New York Attorney General Eric Schneiderman late Tuesday postponed a much anticipated conference call with reporters that was set up to announce whether the state would participate in broad a settlement with five big banks over foreclosure practices. Schneiderman, who is co-chair of a new mortgage fraud task force, told reporters in late January that he was not ready to participate in state settlement negotiations. Observers had speculated that he might announce his participation. The state of New York announced Friday that it was suing Bank of America Corp. BAC +0.13% , Wells Fargo & Co. WFC +0.20% , and J.P. Morgan Chase & Co. JPM +0.05% , claiming they used an electronic mortgage database to submit false and misleading information in courts making it appear the bank had the authority to bring a case when it may not have.

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