State Court To Hear Countrywide's SLUSA Argument

Law360, New York (October 12, 2009, 7:38 PM EDT) -- A federal judge has declined to weigh in on whether a state-law class action linked to the collapse of mortgage-backed securities issued by a Countrywide Financial Corp. subsidiary was preempted by the Securities Litigation Uniform Standards Act, saying the state court was capable of rendering judgment.

Judge Mariana R. Pfaelzer of the U.S. District Court for the Central District of California on Friday dismissed a declaratory judgment complaint that sought to resolve a procedural question about whether the Los Angeles County Superior Court had jurisdiction to...
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