BofA Wants Investor's Suit Over $1B In MBS Tossed

Law360, New York (December 8, 2011, 6:39 PM EST) -- Bank of America Corp. asked a New York state judge Thursday to toss an investor's lawsuit over the bank's handling of $1 billion in mortgage-backed securities as the Second Circuit mulls a sweeping $8.5 billion settlement.

Walnut Place LLC brought the suit in February, alleging that BofA's Countrywide subsidiaries misrepresented the quality of loans behind more than $1.06 billion in mortgage-backed securities. The trustee of the trusts that holds those securities, Bank of New York Mellon Corp., dropped the ball when it didn't live up to...
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