Countrywide Seeks Shelter Of German Law In MBS Suit

Law360, New York (December 8, 2011, 10:09 PM EST) -- Countrywide Financial Corp. on Tuesday asked a federal judge to dismiss an Irish investment firm’s lawsuit from multidistrict litigation over losses stemming from mortgage-backed securities the lender underwrote, saying the claims were time-barred under a German law.

The mortgage giant, now owned by Bank of America, filed in the Central District of California its motion seeking to dismiss a group of MBS-related suits, including one lodged by the Irish firm Sealink Funding Ltd.

In the motion, the company also seeks to dismiss six other plaintiffs on...
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