Allstate Suit Over Countrywide MBS Moved To Calif.

Law360, New York (June 14, 2011, 10:26 PM EDT) -- A New York federal judge Tuesday moved Allstate Insurance Co.'s case against Bank of America Corp. and subsidiary Countrywide Financial Corp. over a $700 million purchase of toxic mortgage-backed securities to California, saying the insurer appeared to be “judge shopping.”

U.S. District Judge Alvin K. Hellerstein said that Allstate's case was closely related to a class action filed by Maine's pension fund in January 2010 in the Central District of California. The California case contains the same parties and concerns the same issues, Judge Hellerstein said....
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