Judge William H. Pauley III of the Southern District of New York ruled on October 19 that federal court is the proper forum for the proceeding brought by Bank of New York Mellon Corp., as Trustee, seeking court approval of the $8.5 billion settlement between Bank of America Corp. and holders of Countrywide  mortgage-backed securities.  BONY Mellon commenced the proceeding in state court in June 2011.  A number of investor groups, and the attorneys general of two states, intervened to oppose the settlement, and one of the objecting investor groups – the "Walnut Place" investors – then removed the action to federal court.  Judge Pauley denied BONY Mellon's motion to remand to state court, holding that the case was properly removed as a "mass action" under the Class Action Fairness Act.  Order.