Countrywide Investors Press 9th Circ. To Revive Fraud Suit

Law360, Los Angeles (November 8, 2012, 7:08 PM EST) -- A group of institutional investors urged the Ninth Circuit on Thursday to revive its class action against former Countrywide Financial Corp. officials accused of lying about lending practices, saying their power to sue didn't end when Countrywide merged into Bank of America Corp.

Stuart Grant, an attorney for Arkansas Teacher Retirement System and other former Countrywide investors, told a three-judge panel that a federal judge erred when she rejected their arguments that a 2010 Delaware Supreme Court decision meant their standing to sue former Countrywide officers...
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