MBS Claims Against Bank of America Dismissed

Orrick - Finance 20/20
Contact

On September 9, Judge Mariana Pfaelzer of the U.S. District Court for the Central District of California granted Bank of America’s motion to dismiss claims for fraudulent concealment, negligent misrepresentation, aiding and abetting, mutual mistake and successor liability brought by Deutsche Zentral-Genossenschaftsbank AG (DZ Bank) in a lawsuit over Bank of America’s MBS offerings. In doing so, Judge Pfaelzer extended her earlier decision in the case, dismissing as time-barred under German and New York law, claims regarding the sale of Countrywide MBS. The court applied the same analysis to offerings by Bank of America/Merrill Lynch not backed by Countrywide loans. Claims related to credit ratings remain in the case. Judge Pfaelzer also declined to suggest to the Judicial Panel of Multidistrict litigation that the Panel remand DZ Bank’s case to state court. Order.

 

 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Orrick - Finance 20/20 | Attorney Advertising

Written by:

Orrick - Finance 20/20
Contact
more
less

PUBLISH YOUR CONTENT ON JD SUPRA NOW

  • Increased visibility
  • Actionable analytics
  • Ongoing guidance

Orrick - Finance 20/20 on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide