FDIC Must Pursue Countrywide MBS Claims In MDL

Law360, New York (October 2, 2012, 5:01 PM EDT) -- The U.S. Judicial Panel on Multidistrict Litigation on Monday rejected the Federal Deposit Insurance Corp.'s request to have its suit against Countrywide Financial Corp. over allegedly faulty mortgage-backed securities certificates removed from a California-based MDL.

The panel found the FDIC's action as receiver for Strategic Capital Bank against Countrywide involves common questions of fact with other suits — which have been transferred to the MDL — that accuse Countrywide and more than a dozen other financial institutions of making misleading statements regarding the quality of more...
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