By Joseph Ax
NEW YORK (Reuters) - A U.S. appeals court on Thursday upheld the dismissal of a lawsuit brought by South Korea's Woori Bank against Bank of America Corp's
The 2nd U.S. Circuit Court of Appeals in New York said Woori's 2012 lawsuit was filed after the three-year statute of limitations under South Korean law had expired.
Woori, which is owned by Woori Finance Holdings Co Ltd <053000.KS>, had argued that the three-year clock did not start until January 2011, when the U.S. Financial Crisis Inquiry Commission published a report outlining the causes of the housing market meltdown.
But the court said that government investigations into Merrill Lynch, lawsuits filed against Merrill Lynch over the collateralized debt obligations in question and "overall publicity" surrounding the investments were enough to show that Woori was aware of its potential claims more than three years before it filed its lawsuit.
A U.S. lawyer for Woori did not immediately return a request for comment on Thursday.
The dismissal, initially made by U.S. District Judge Victor Marrero in February, is one of three such defeats in a U.S. court for Woori Bank, which was put under state control following financial crises.
In March, U.S. District Judge Laura Taylor Swain dismissed a Woori lawsuit against Citigroup Inc
And in December, another Manhattan federal judge dismissed Woori's lawsuit against Royal Bank of Scotland Group Plc
The case is Woori Bank v. Merrill Lynch et al., 2nd U.S. Circuit Court of Appeals, No. 13-829.
(Reporting by Joseph Ax; Editing by Cynthia Osterman)