Countrywide's Mozilo Says MBS Claims Came Too Late

Law360, New York (October 21, 2011, 4:35 PM EDT) -- Countrywide Financial Corp. ex-CEO Angelo Mozilo sought Friday to dodge a California suit over mortgage-backed securities brought by Progressive Specialty Insurance Co. and three other insurers, saying the claims are time-barred.

Mozilo argues that the plaintiffs, which he calls “sophisticated investors suffering from buyer's remorse,” lifted almost every single allegation against him verbatim from a complaint in another case — Stichting Pensioenfonds ABP v. Countrywide Financial Corp. — that the court dismissed in August for being filed too late.

Progressive, United Financial Casualty Co., Progressive Universal...
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