Prudential Can't Keep Countrywide MBS Claims Out Of MDL

Law360, New York (August 7, 2013, 7:12 PM EDT) -- The Prudential Life Insurance Co. on Tuesday lost its battle to keep a lawsuit targeting Countrywide Financial Corp. over low-quality mortgage-backed securities out of California multidistrict litigation, when the U.S. Judicial Panel on Multidistrict Litigation said the Prudential and MDL cases shared commonalities.

The panel found that Prudential's suit shared common questions of fact with the suits in the MDL, and said the transfer would be convenient for the parties involved and promote a just and efficient litigation process. The MDL suits accuse Countrywide of making...
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