``Bank of America Corp. won dismissal from Allstate Corp. lawsuit over the insurer's alleged losses from $700 million in mortgage-backed securities purchased from Countrywide Financial Corp... Bank of America, as a corporate parent, isn't responsible for the liabilities of Countrywide, the mortgage lender it acquired in 2008, U.S. District Judge Mariana Pfaelzer in Los Angeles said yesterday.'' -- Presumably the suit will continue against Countrywide, and Bank of America is financially liable for them (though one can be sure that if these suits rack up too much in losses, BofA will BK the unit)...

Comments: Be the first to add a comment

add a comment | go to forum thread