BofA Triumphs In Suit Over Handling Of $1B In MBS

Law360, New York (March 29, 2012, 6:56 PM EDT) -- A New York state judge on Thursday tossed an investor lawsuit accusing Bank of America Corp. of mishandling $1.1 billion in mortgage-backed securities, ruling the investors had signed over their right to sue the banking giant to the trustee of the trusts that holds the securities.

Judge Barbara R. Kapnick said that the investor group, known as Walnut Place LLC, was precluded from bringing a lawsuit against the bank because of a no-action clause in the pooling and servicing agreement that Walnut Place had signed as...
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