2nd Circ. Nixes Suit Over BofA's $4B Countrywide Buyout

Law360, New York (November 23, 2011, 2:12 PM EST) -- The Second Circuit on Wednesday affirmed a lower court's dismissal of a hedge fund's suit alleging Countrywide Financial Corp. hid its financial woes from investors to promote a $4 billion merger with Bank of America Corp.

In a summary order, a three-judge panel said that plaintiff SRM Global Fund LP failed to point to a single instance in which Countrywide lied to investors. The company may have made rosy predictions that never panned out, but it didn't flat out mislead investors in violation of federal securities...
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