Countrywide Escapes MBS Investors Class Action

Law360, New York (October 13, 2010, 3:49 PM EDT) -- A New York judge has dismissed a lawsuit filed against Bank of America Corp. and its subsidiary Countrywide Financial Corp. by securitized mortgage loan investors in an attempt to negate the impact of an $8.4 billion settlement, putting to to rest predatory lending allegations against Countrywide.

In a ruling filed Wednesday, Judge Barbara R. Kapnick of the Supreme Court of the State of New York, County of New York said that the proposed class action had not adequately followed the terms of the securitization agreement, which...
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