Judge Dismisses Securities Lawsuit Against Bank Of America

Posted by Orb Staff on March 30, 2012 No Comments
Categories : Residential Mortgage

11214_lawsuit3 Judge Dismisses Securities Lawsuit Against Bank Of America A New York State Supreme Court judge has dismissed a lawsuit that sought to force Bank of America Corp. to buy back its mortgage-backed securities.

The Wall Street Journal reports that the investment firm Walnut Place LLC sued Bank of America in February for unspecified damages related to its purchase of the bank's securities. However, Judge Barbara Kapnick dismissed the lawsuit, stating that Walnut Place improperly went directly to litigation and failed to give adequate time to the securities' trustee, Bank of New York Mellon Corp., to sort out the issue.

A Bank of America spokesperson said the financial institution was ‘pleased with the court's ruling.’ Walnut Place did not make a public comment on the ruling.

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