Insider Trading Claims Cut For Ex-Countrywide Execs

Law360, New York (April 8, 2009, 12:00 AM EDT) -- A judge has dismissed allegations of insider trading against three former executives of mortgage lender Countrywide Financial Corp., but allowed the claims to stand against ex-CEO Angelo Mozilo, in a shareholder suit accusing the executives of profiting from inflated share prices while the company suffered significant losses.

Judge Mariana Pfaelzer of the U.S. District Court for the Central District of California issued rulings Monday regarding a slew of motions in the shareholder class action against Countrywide, several former directors, stock offering underwriters and outside auditing firm...
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