New York Life

RMBS Complaint Filed Against Countrywide in New York State Court

On January 24, 2011, a group of institutional investors represented by Bernstein Litowitz, including Dexia Holdings Inc., TIAA-CREF Life Insurance Co., and New York Life Insurance Co., filed a case in New York State Court accusing Countrywide Financial Corp. (now an affiliate of Bank of America) and several executives of selling RMBS backed by materially false statements and omissions made knowingly or recklessly. Plaintiffs seek compensatory and/or rescissionary damages for fraud and negligent misrepresentation, statutory damages under the Securities Act, and punitive damages for common-law fraud. Complaint