Insurers Too Late With BofA MBS Appeal, 9th Circ. Hears

Law360, Los Angeles (November 26, 2013, 9:21 PM EST) -- The Securities Industry and Financial Markets Association on Friday asked the Ninth Circuit to rule that life insurers bringing a securities suit against Countrywide Financial Corp. and its parent Bank of America Corp. over a mortgage-backed securities deal gone bad were too late.

The association argues in an amicus brief that a tolling doctrine that would allow the appellant investors to bring suit against Countrywide, Bank of America and Countrywide’s former CEO Angelo Mozilo would “eviscerate” the certainty created by so-called statutes of repose, making it difficult...
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