Funds Accuse Countrywide Of Shielding Executives

Law360, New York (February 19, 2008, 12:00 AM EST) -- A group of public pension funds has upped the stakes in its battle against Countrywide Financial Corp., lodging an amended complaint accusing the company of attempting to shield its officers and directors from liability by brokering a sweetheart deal with Bank of America, which plans to acquire the ailing home lender.

The funds allege in the consolidated amended shareholder derivative complaint, filed Friday in the U.S. District Court for the Central District of California, that Countrywide's officers and directors engaged in an “extensive pattern of misconduct...
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