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NYC judge returns investor lawsuits to state court
Breaking Legal News |
2009/08/21 06:46
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A judge has rejected mortgage lender Countrywide Financial's effort to have some investor lawsuits heard in federal court.
Judge Richard Holwell in Manhattan concluded in a decision released Tuesday that Congress did not intend for a federal court to hear a dispute over the mortgage lender's promise to buy back modified loans from investors. He returned the case to state court. Holwell wrote that it was tempting to find federal jurisdiction every time a multibillion dollar case with national implications arrives at the court's doorstep. But he said the decision is ultimately left up to Congress. Holders of mortgage-backed securities sued Countrywide in December. Shirley Norton, a spokeswoman for Bank of America Corp., Countrywide's parent company, said the company will appeal the decision. |
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website and help you redesign your existing law firm site to secure your place in the internet. |
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