BofA Says FDIC's $283M MBS Suit Is Time-Barred

Law360, Los Angeles (June 11, 2013, 8:59 PM EDT) -- Countrywide Securities Corp. and successor Bank of America Corp. urged a California federal judge Tuesday to toss the Federal Deposit Insurance Corp.'s $283 million lawsuit alleging they duped now-defunct Colonial Bank into buying doomed mortgage-backed securities, arguing its claims are time-barred under federal securities law.

At a hearing, Inez H. Friedman-Boyce, a lawyer representing Countrywide, argued that the case should be dismissed because the one-year statute of limitations under the Securities Act of 1933 expired before the FDIC was appointed as  Alabama-based Colonial's receiver.

Friedman-Boyce also...
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