Allstate's $700M Suit Doesn't Support BofA Claim: Judge

Law360, Los Angeles (January 23, 2012, 8:24 PM EST) -- A California federal judge on Monday suggested that Allstate Insurance Co.'s beefed-up lawsuit over its $700 million purchase of toxic mortgage-backed securities from Countrywide Financial Corp. still doesn't support a claim that Bank of America faces successor liability over the transaction.

U.S. District Judge Mariana R. Pfaelzer said Allstate's allegations that Bank of America schemed to hinder Countrywide creditors by obtaining the troubled financial unit and stripping its assets following a series of financial transactions between July and November 2008 appeared to lack factual support....
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