FDIC’s Countrywide RMBS Action Transferred to MDL in Central District of California

On August 3, Judge John G. Heyburn II of the Judicial Panel on Multi-District Litigation denied plaintiff Federal Deposit Insurance Corporation’s motion to vacate the court’s order transferring the FDIC’s action to the Countrywide RMBS MDL in the Central District of California.  The FDIC’s claims relate to RMBS purchased by Security Savings Bank and are brought under Sections 11 and 12(a)(2) of the Securities Act and Section 90.570 of the Nevada Securities Act.  The court found that the transfer to one judge provided consistency, prevented conflicting rulings, and reduced duplicative expenditure of judicial and party resources.  Decision.