Back in November, Bank of America Chief Executive Officer Brian Moynihan told investors at a conference: “At the end of the day, we’ll pay for the things that Countrywide did.”
But, in the courtroom at least, BofA has been arguing that is it not liable for the actions of Countrywide, and is having some success. In a decision last week, a Los Angeles federal district court judge, Mariana Pfaelzer, held that BofA does not have successor liability for Countrywide’s activities under Delaware law and dismissed claims by a purported class that bought mortgage-backed securities from Countrywide. The plaintiffs’ claims remain against Countrywide.
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