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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Case Information

Case Title

In Re Countrywide Financial Corp Mortgage-Backed Securities Litigation


Case Number

2:11-ml-02265

Court

California Central

Nature of Suit

Securities/Commodities

Judge

Mariana R. Pfaelzer

Date Filed

August 30, 2011


Case Title

THE PRUDENTIAL LIFE INSURANCE COMPANY, LTD. et al v. COUNTRYWIDE FINANCIAL CORP. et al


Case Number

2:13-cv-01992

Court

New Jersey

Nature of Suit

Securities/Commodities

Judge

Faith S. Hochberg

Date Filed

March 28, 2013

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