Insurer Can't Fight Dismissal Of MBS Claims Against BofA

Law360, New York (February 01, 2013, 8:53 PM ET) -- A California federal judge on Thursday shot down a life insurer's attempt to appeal a statute of limitations decision that gutted its lawsuit accusing Bank of America Corp. and Countrywide Financial Corp. of committing fraud while selling $143 million worth of mortgage-backed securities.

U.S. District Judge Mariana Pfaelzer refused to allow an interlocutory appeal of a December ruling that said most of Principal Life Insurance Co.'s claims were time-barred, or to send a statute of limitations question to the Iowa Supreme Court.

Judge Pfaelzer underlined that...
To view the full article, register now.