A New York state judge dismissed a $32 million mortgage-backed securities suit filed against Bank of America’s Countrywide units and Morgan Stanley this week, Law360 reports.

The case filed by affiliates of a German bank accused Morgan Stanley and Countrywide (now part of BofA) of misrepresenting the quality of mortgages tied to MBS transactions.

The judge threw out the case, citing the existence of an intervening state court of appeals decision, which made issues in the case untenable, the publication reported.


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