2nd Circ. Deaf To Countrywide Remand Appeal

Law360, New York (April 22, 2010, 3:57 PM EDT) -- Citing a lack of jurisdiction, a federal appeals court has refused to consider Countrywide Financial Corp.'s challenge to a district court's decision to move an investor class action brought against the mortgage lender back to a New York state court.

The U.S. Court of Appeals for the Second Circuit on Tuesday declined to hear Countrywide's appeal, ruling that the Class Action Fairness Act of 2005 exempts from appellate review orders remanding suits that concern only "rights, duties ... and obligations” stemming from a security.

The court...
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