US Bank, Bank of America win dismissal of mortgage claims

U.S. Bancorp (>> U.S. Bancorp) and Bank of America Corp (>> Bank of America Corp) won a dismissal of claims in lawsuits accusing them of breaching their duties as trustees for residential mortgage-backed securities that suffered losses tied to the global financial crisis.

The dismissals came in three decisions late Monday by U.S. District Judge Katherine Forrest in Manhattan.

In the first, Forrest rejected an attempt by funds from BlackRock Inc (>> BlackRock, Inc.), Allianz SE’s (>> Allianz SE) Pacific Investment Management Co and TIAA-CREF to hold US Bancorp liable for alleged defects in 843 RMBS trusts collateralized by $778.6 billion of loans, causing tens of billions of dollars of losses.

Read on.

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