Countrywide Can't Shake MassMutual's MBS Claims In MDL

Law360, Los Angeles (August 20, 2012, 9:53 PM EDT) -- A California federal judge refused to toss most claims against Countrywide Financial Corp. on Friday in a suit brought by Massachusetts Mutual Life Insurance as part of multidistrict litigation over allegedly faulty mortgage-backed securities certificates, while letting the lender's parent Bank of America Corp. off the hook.

U.S. District Judge Mariana R. Pfaelzer held Friday that Delaware law applies to successor claims against BofA, dismissing claims against the bank with prejudice. But the judge largely denied a motion to dismiss the suit against Countrywide, saying only...
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.