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On December 27, 2010, Allstate Insurance Company filed a complaint in the Southern District of New York against Countrywide Financial Corporation and several affiliates and individual officers alleging a variety of federal securities claims in connection with alleged material misstatements or omissions in the offering documents for several RMBS
On June 30, 2011, a New York appellate court affirmed the denial of Countrywide Home Loans, Inc.'s and certain of its affiliates' ("Countrywide") motion to dismiss MBIA, Inc's ("MBIA") claim that it had been fraudulently induced to insure 15 Countrywide RMBS securitizations
