The Second Circuit Court of Appeals ruled on Monday that a Bank of America (BofA) dispute over unresolved liabilities stemming from its 2008 Countrywide acquisition should be decided in a New York state court, not the federal court system. The ruling reverses an October 2011 decision from District Judge William Pauley, which yanked the case from the state courts, reports Reuters.
Second Circuit Chief Judge Dennis Jacobs, writing for a three-judge panel, found that the case fell within the securities exception to both original and appellate federal jurisdiction under the Class Action Fairness Act of 2005 (CAFA).






