Countrywide Class Action Is Put On Hold

Law360, New York (March 31, 2008, 12:00 AM EDT) -- A California judge has put the brakes on a class action filed against home lender Countrywide Financial Inc. over the company's pending merger with Bank of America Corp., staying the suit until a Delaware court rules in a similar matter.

In a decision handed down Friday, Judge Mariana Pfaelzer stayed discovery in the case, in which plaintiffs sought to block the merger of Countrywide and Bank of America until the home lender had resolved derivative claims filed against it.

The shareholders' suit, which includes both derivative...
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