BofA, US Bank Urge Judge To Throw Out MBS Class Action

Law360, New York (April 22, 2013, 9:24 PM EDT) -- Bank of America NA and U.S. Bank NA on Monday asked a federal judge to toss a putative class action alleging that, as trustees to certain residential mortgage-backed securities, they failed to protect investors, arguing their duty was limited.

The banks, which acted as trustees for RMBS that pooled mortgages owned by Washington Mutual NA, had very limited duties to investigate or flag problems with the loans, a lawyer for the banks argued at a hearing before U.S. District Judge Katherine B. Forrest in Manhattan....
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