MassMutual, Countrywide MBS Row Limited To Underwriters

Law360, New York (April 17, 2012, 3:41 PM EDT) -- A California federal judge on Monday trimmed a suit brought by Massachusetts Mutual Life Insurance Co. against Countrywide Financial Corp. as part of multidistrict litigation over allegedly faulty mortgage-backed securities certificates, ruling that only underwriter defendants in the case were potentially liable.

Under Massachusetts law — which applies because the suit was moved from Massachusetts to California as part of an MDL against Countrywide over mortgage-backed securities it issued — only the person who offered or sold the security is liable to the purchaser, U.S. District...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.