BofA Urges Judge To Dismiss AIG's $10B RMBS Suit

Law360, Los Angeles (May 14, 2012, 7:04 PM EDT) -- Bank of America Corp. on Monday urged a California federal judge to dismiss American International Group Inc.'s $10.5 billion lawsuit accusing the bank's Countrywide Financial Corp. of ignoring residential mortgage-backed securities underwriting standards, arguing federal claims against Countrywide are time-barred.

Attorneys representing BofA and its Merrill Lynch & Co. unit told U.S. District Judge Mariana R. Pfaelzer that claims brought by AIG and its various entities alleging violations of the Securities Act of 1933 related to the purchases of MBS certificates are barred under a three-year...
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.