Countrywide Tries To Knock Down Insurers' MBS Claims

Law360, Los Angeles (February 13, 2012, 10:24 PM EST) -- An attorney for Countrywide Financial Corp. asked a federal judge Monday to dismiss two insurers' suits in multidistrict litigation over the purchase of hundreds of millions in toxic mortgage-backed securities, saying alleged federal securities violations tracked similar claims thrown out in earlier suits.

“All the things that led your honor to dismiss the [Securities Act of 1933] and [Securities Exchange Act of 1934] claims in [Allstate Insurance Co. v. Countrywide] and [Stichting Pensionefonds ABP v. Countrywide] should logically result in dismissal here,” Countrywide’s attorney Brian Pastuszenski...
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