BofA, US Bank Lose Bid To Toss RMBS Class Action

Law360, New York (May 6, 2013, 7:30 PM EDT) -- A New York federal judge on Monday rejected a motion from Bank of America NA and U.S. Bank NA to dismiss a putative class action with breach of contract claims alleging they failed to protect investors in their role as trustees of residential mortgage-backed securities.

U.S. District Judge Katherine B. Forrest ruled that the plaintiffs, including union pension funds, had sufficiently alleged that Bank of America and U.S. Bank had enough information at their disposal to know that the underlying mortgages issued by Washington Mutual NA...
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