Countrywide Says Pension Fund's MBS Suit Time Barred

Law360, Los Angeles (July 13, 2011, 11:37 PM EDT) -- Countrywide Financial Corp. asked a California federal judge on Wednesday to toss a lawsuit brought by a Netherlands-based pension fund that claimed it sunk hundreds of millions of dollars in ill-fated mortgage-backed securities, arguing that the suit was barred by the statute of limitations.

The Bank of America subsidiary told U.S. District Judge Mariana R. Pfaelzer that Stichting Pensioenfonds ABP was at least a year late when it sued the mortgage lender in February for securities fraud related to the purchase of Countrywide mortgage-backed securities that...
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