The market is tired of the back and forth litigation. Only a settlement will help this PPS. Perhaps this favorable ruling will soften up both sides.
But, don't be surprised if, hedge funds are accumulating shares.
Because somebody bought 6,000 puts at an average strike of $7.
All the calls rose in value.
Investors want settlement $$, then shorts can buy all the puts they want and it won't mean anything.
Because it was largely a forgone conclusion. Did BAC stand a chance of winning, sure, it was a decent argument but it was tough to win. The opinion didn't address what "material and adverse" means beyond it doesn't mean default.