Judge Dismisses Some AIG Claims Against BofA Over Countywide MBS in $10.5 Billion Lawsuit
June 8, 2012
A federal judge in Los Angeles has dismissed a number of claims in an American International Group lawsuit against Bank of America over mortgage securities issued by Countrywide Financial, although AIG has promised to continue its legal efforts to recoup more than $10 billion in MBS losses. U.S. District Judge Mariana Pfaelzer of the Central District of California in a new ruling dismissed AIGs federal securities-law claims because they were filed too late more than three years after the MBS were first sold. AIG filed suit against BofA as Countrywides owner and Merrill Lynch in New York state court...