A California federal judge threw out an $11 million suit brought by the Federal Deposit Insurance Corporation against JPMorgan Chase (JPM) over allegedly faulty mortgage-backed securities certificates, finding the suit's claims are time-barred.

The FDIC brought the suit against units of JPMorgan, Bank of America (BAC), Citigroup (C) and Deutsche bank (DB), and it later was transferred into multidistrict litigation targeting BofA's Countrywide and others over purportedly misleading statements regarding MBS.