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Asset Management Fund et al v. Bank Of America Corporation et al
Case Number:
2:12-cv-04775
Court:
Nature of Suit:
Judge:
Firms
Companies
Sectors & Industries:
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January 14, 2013
Judge Tosses $193M Countrywide MBS Fraud Suit
A California federal judge on Thursday dismissed a multidistrict litigation member case accusing several Bank of America Corp. units of misrepresenting nearly $193 million in mortgage-backed securities, ruling the mutual fund manager suing the bank had brought its claims too late.
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December 18, 2012
Fund's MBS Fraud Claims Time-Barred, Countrywide Says
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.