Prudential's MBS Racketeering Claims Too Late: Countrywide

Law360, Los Angeles (February 28, 2014, 10:00 PM EST) -- Bank of America Corp. unit Countrywide Financial Corp. urged a California federal judge on Friday to dismiss New Jersey state law racketeering claims in Prudential Life Insurance Co.'s suit alleging it used omission and misrepresentation to sell low-quality mortgage-backed securities, saying Prudential waited too long to bring the claims.

Countrywide argued that the Prudential brought the claims after the expiration of the four-year statute of limitations for New Jersey's racketeering law applied in this case because the suit was filed in New Jersey state court before...
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