Morgan Stanley, Countrywide Dodge $32M MBS Suit

Law360, New York (June 20, 2013, 3:25 PM EDT) -- A New York state judge on Thursday dismissed a $32 million mortgage-backed securities lawsuit against Bank of America's Countrywide affiliates and Morgan Stanley, finding that an intervening state appeals court decision made fraud claims, which he'd upheld in two similar cases, now untenable.

Judge Jeffrey K. Oing said in a bench ruling that the affiliates of a German bank who sued Morgan Stanley and Countrywide over their alleged misrepresentations of the deal couldn't press their fraud claims because of a midlevel state appeals court's decision last...
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