Fund's MBS Fraud Claims Time-Barred, Countrywide Says

Law360, Los Angeles (December 18, 2012, 10:32 PM EST) -- The claims of a mutual fund group suing Countrywide Financial Corp. for misrepresenting the quality of mortgage-backed securities are time-barred because it knew of problems in the MBS market more than three years before filing suit in March, Countrywide told a California judge Tuesday, urging that the case be thrown out.

Countrywide's attorney Brian Pastuszenski said AMF Funds had “actual notice” of facts that should have triggered an investigation by March 2009, putting its claims outside the three-year statute of limitations. The suit is part of...
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