Wilbur Ross quits Ocwen Financial

Wilbur Ross quits Ocwen Financial

Distressed asset investor bringing his magic to Bank of Cyprus

Dustin Johnson levels blockbuster claims at title attorneys

Is Nat Hardwick the fall guy?

CFPB proposes 7 big changes to foreclosure process for mortgage servicers

Adds guidance on extended borrower protections
W S
Investments / The Ticker

Allstate and Bank of America dismiss $700 million mortgage lawsuit

Matters resolved on mutually agreed terms

Bank of America
/ Print / Reprints /
| Share More
/ Text Size+

Allstate and Bank of America (BAC) dismissed a lawsuit that dealt with $700 million of toxic mortgage debt, agreeing to the dismissal of the action in its entirety. Per Reuters:

The parties also waived any right to appeal, according to the document.

"The parties have agreed to resolve the matter on mutually agreeable terms," Daniel Brockett, a lawyer for Allstate, said in a telephone call Tuesday night.

In 2011, a U.S. District Judge Mariana Pfaelzer in Los Angeles narrowed the lawsuit when she tossed federal securities law claims Allstate had brought against mortgage lender Countrywide over the debt, saying Allstate waited too long to sue. She also dismissed Bank of America, which acquired Countrywide in 2008, as a defendant.

Source: Reuters
Read full story

Recent Articles by Brena Swanson

Comments powered by Disqus