BofA Wants To Keep $10.5B RMBS Suit In Federal Court

Law360, New York (May 16, 2013, 2:04 PM EDT) -- Bank of America NA on Wednesday pressed a New York federal judge to reject American International Group Inc.'s motion to move a $10.5 billion lawsuit over residential mortgage-backed securities to state court, arguing that remanding the case would dangerously split the case between federal and state courts and would adversely affect certain bankruptcy proceedings.

The Second Circuit volleyed the case back to federal district court April 19, reversing a trial court's decision that the case called for federal jurisdiction. Following the appeals court's decision, AIG lobbied...
To view the full article, register now.