Fund's MBS Fraud Claims Time-Barred, Countrywide Says

Law360, Los Angeles (December 18, 2012, 10:32 PM EST) -- The claims of a mutual fund group suing Countrywide Financial Corp. for misrepresenting the quality of mortgage-backed securities are time-barred because it knew of problems in the MBS market more than three years before filing suit in March, Countrywide told a California judge Tuesday, urging that the case be thrown out.

Countrywide's attorney Brian Pastuszenski said AMF Funds had “actual notice” of facts that should have triggered an investigation by March 2009, putting its claims outside the three-year statute of limitations. The suit is part of...
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Case Information

Case Title

In Re Countrywide Financial Corp Mortgage-Backed Securities Litigation


Case Number

2:11-ml-02265

Court

California Central

Nature of Suit

Securities/Commodities

Judge

Mariana R. Pfaelzer

Date Filed

August 30, 2011


Case Title

Asset Management Fund et al v. Bank Of America Corporation et al


Case Number

2:12-cv-04775

Court

California Central

Nature of Suit

Securities/Commodities

Judge

Mariana R. Pfaelzer

Date Filed

May 31, 2012

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