2nd Circ. Asked To Remand $8.5M Countrywide Bonds Fight

Law360, New York (January 18, 2012, 6:38 PM EST) -- A group of institutional investors led by BlackRock Inc. filed a Second Circuit brief Wednesday saying a dispute over $8.5 billion in Countrywide Financial Corp. bonds is not removable from New York state court under the Class Action Fairness Act because it seeks declaratory, not monetary, relief.

In addition to saying the suit cannot be removed as a mass action because it seeks only equitable relief, BlackRock argues that it falls under a CAFA securities exception that precludes federal jurisdiction over claims based on the identical...
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