Countrywide MBS Cases Are Time-Barred, 9th Circ. Hears

Law360, New York (July 30, 2012, 2:37 PM EDT) -- A financial industry group urged the Ninth Circuit on Thursday to uphold the dismissal of lawsuits accusing Countrywide Financial Corp. of deceptively marketing mortgage-backed securities, saying the cases are time-barred and that reviving them would set a precedent deeply harmful to business interests.

The Securities Industry and Financial Markets Association, a trade group representing banks and asset managers, said a district court was correct last year to throw out the matters after finding that Netherlands pension fund Stichting Pensioenfonds ABP and insurance giant Progressive Corp. had...
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