Class Granted Cert. In Countrywide Securities Suit

Law360, New York (December 10, 2009, 3:47 PM EST) -- Plaintiffs in the largest lawsuit alleging securities fraud at Countrywide Financial Corp. have won class certification.

But the humbled mortgage giant, now a unit of Bank of America Corp., was successful in fending off a separate class of plaintiffs who alleged fraud on a private placement of $4 billion in convertible debentures.

Judge Mariana R. Pfaelzer of the U.S. District Court for the Central District of California issued the separate orders Wednesday.

In November 2007, the New York State Common Retirement Fund, the New York State...
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