Judge Tosses $193M Countrywide MBS Fraud Suit

Law360, New York (January 14, 2013, 2:54 PM EST) -- A California federal judge on Thursday dismissed a multidistrict litigation member case accusing several Bank of America Corp. units of misrepresenting nearly $193 million in mortgage-backed securities, ruling the mutual fund manager suing the bank had brought its claims too late.

According to U.S. District Judge Mariana R. Pfaelzer, Asset Management Fund’s claims that Bank of America and its units Merrill Lynch & Co. Inc. and Countrywide Financial Corp. had failed to properly vet or accurately represent the loans underlying the MBS were barred by every...
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