John Paulson Pared Bank of America Stake Before Settlement
June 30, 2011 at 12:12 PM EDT
Investors on Wednesday welcomed Bank of America's $8.5 billion settlement with disgruntled mortgage-securities holders, sending its shares up 3 percent.� But at least one major shareholder had already taken some of its chips off the table, according to people familiar with its position: Paulson & Co., the $38 billion hedge-fund behemoth.