Countrywide Execs Must Face Trial In SEC Case

Law360, New York (September 17, 2010, 4:44 PM EDT) -- A judge has ruled that three former Countrywide Financial Corp. executives, including CEO Angelo Mozilo, must face trial in a case brought by federal securities regulators alleging they misled investors about credit risks the mortgage lender took in efforts to build its market share.

On Thursday, Judge John F. Walter of the U.S. District Court for the Central District of California knocked down the defendants' Aug. 2 motions for summary judgment, saying that although the execs claimed they did not make misleading statements or omissions to...
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