Judge Won't Certify BofA Appeal In RMBS Action

Law360, New York (May 16, 2013, 8:30 PM EDT) -- A New York federal judge on Thursday denied a bid by Bank of America NA and U.S. Bank NA for interlocutory appeal of her ruling that they can be sued in a class action for allegedly failing to protect investors in their role as trustees of mortgage-backed securities.

The banks asked U.S. District Judge Katherine B. Forrest to certify an interlocutory appeal after she denied their motion to dismiss a putative class action arising out of the 2008 collapse of Washington Mutual NA as a result of massive losses in its subprime loan portfolio. Investors sued the banks for violating the...

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