High Court Won't Consider Countrywide SLUSA Appeal

Law360, New York (December 5, 2011, 12:08 PM EST) -- The U.S. Supreme Court declined Monday to hear a securities class action against Countrywide Financial Corp. that would have determined whether the Securities Litigation Uniform Standards Act grants federal courts exclusive jurisdiction over class actions linked to the collapse of mortgage-backed securities.

The high court declined Countrywide's petition for certiorari in a suit alleging that Countrywide and several other entities made false assertions about the quality of loans backing a series of mortgage-backed securities during the height of the housing bubble. The case bounced between California...
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