Judge OKs suit against Countrywide
Countrywide Financial Corp. investors, led by the New York State Common Retirement Fund, can proceed with a securities-fraud lawsuit against the mortgage lender and its former top executives.
U.S. District Judge Mariana Pfaelzer in Los Angeles denied some of the defendants’ requests to dismiss the case and allowed the investors to refile their claims in most of the instances in which she granted dismissal requests.
The New York fund alleges that former Chief Executive Angelo R. Mozilo and other executives hid from it the fact that the company was fueling its growth by letting underwriting standards deteriorate.
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