U.S. District Judge Mariana Pfaelzer granted Bank of America’s request to dismiss the claim against it on grounds that it can’t be held liable for actions of a unit, according to an April 20 order filed in Los Angeles.
The investors failed to show that two separate transactions in 2008, whereby Bank of America, through a subsidiary, acquired and transferred the Countrywide assets, were a “de facto” merger, Pfaelzer said.
Read more: Bank of America Wins Dismissal From Countrywide Mortgage Securities Suit — Bloomberg News
