BofA Again Ducks Buyback Attempt Over $1.75B MBS Pool

Law360, New York (February 19, 2014, 1:11 PM EST) -- A Manhattan judge has rejected a refurbished claim brought by investors who argue Bank of America Corp. should have to buy back an entire pool of mortgage-backed securities worth $1.75 billion under a servicing contract, ruling that their “pervasive breach” theory mimics an already dismissed allegation.

Judge Eileen Bransten's ruling, dated Feb. 13 and published Tuesday, came after plaintiff investors, through the securities' trustee U.S. Bank NA, redrew a breach of contract claim tied to a package of thousands of loans, arguing that misrepresentations by BofA...
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