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By acquiring Countrywide’s assets, Bank of America did not become liable for its liabilities

  • Chadbourne & Parke LLP
  • -
  • USA
  • -
  • June 20 2011

In a recent decision underscoring the significance of choice of law in determining successor liability, a California federal district court dismissed a purported class action against Bank of America (“BofA”), holding that, under Delaware law, by acquiring substantially all of Countrywide’s assets, BofA did not assume Countrywide’s liabilities