BofA wins dismissal from Allstate Countrywide suit

Judge says Allstate’s evidence wasn’t sufficient to support claims

Perhaps the New Year has brought a fresh set of luck for the beleaguered bank. After basically taking it on the chin again and again in 2011, Bank of America Corp. (BofA) caught a break in its battle with Allstate Insurance Co.

BofA won dismissal yesterday from Allstate’s lawsuit against Countrywide Financial Corp., alleging the mortgage lender misrepresented the $700 million in mortgage-backed securities that Allstate had purchased between March 2005 and June 2007. BofA bought Countrywide for $4.2 billion in July 2008, and assumed most of its liabilities at the time.

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