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BAC Bank of America comments on court ruling
Co stated that on November 14, 2007, a putative class action complaint was filed in California state court entitled Luther v. Countrywide Home Loans Servicing LP, et al. ("Luther"), which asserted alleged violations of the Securities Act of 1933 in connection with certain offerings of mortgage-backed securities issued by affiliates of Countrywide. In its November 4, 2010 order, the federal court ruled that the named plaintiffs in Maine State have standing to sue only over offerings of mortgage-backed securities in which they actually purchased, and that the statute of limitations would be tolled only for offerings in which the named plaintiffs in the Luther state court action, on which the Maine State plaintiffs rely for tolling purposes, had also purchased. The Court also said that it will address Countrywide's other arguments for dismissal not addressed in its November 4 order when it considers any new complaint that is filed. Bank of America Corporation expects that the Court's ruling will result in a substantial reduction in the number of offerings at issue in the Maine State case, from 427 offerings (which had a total notional amount at issuance of approximately $352 billion) to no more than approximately 22 offerings (which had a total notional amount at issuance of approximately $31 billion).
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