On March 28, 2012, Justice Barbara R. Kapnick of the Supreme Court of the State of New York dismissed Walnut Place LLC’s suit against Countrywide and Bank of America in connection with the repurchase of $1.1 billion in Countrywide RMBS. Walnut Place, a holder of the certificates issued by the securitization trusts at issue, filed the action as a derivative suit asserting breach of contract claims. It alleged that Countrywide made false representations and warranties in the offering documents concerning the characteristics and credit quality of the loans underlying the securities at issue. In dismissing the case, the court held that the lawsuit was premature, noting that it was filed by Walnut Place only a few days after the bondholders’ trustee, nominal defendant Bank of New York Mellon, had requested more time to evaluate Walnut Place’s pre-litigation demand concerning the alleged breaches. Order.