NU Online News Service, Feb. 3, 3:23 p.m. EST
Bank of America cannot be held liable to Allstate Insurance Company over residential mortgage-backed securities purchased by Allstate from Countrywide Financial Corporation.
Allstate has alleged that Countrywide and a number of former officers and directors are liable for misrepresentations regarding the quality of about $700 million in RMBS that Allstate purchased from Countrywide between 2005 and 2007.
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