3 Ex-Countrywide Officers Trimmed From BofA MBS Suit

Law360, New York (February 17, 2011, 4:14 PM EST) -- Three former Countrywide Financial Corp. executives have exited a putative securities class action that accuses the former Bank of America Corp. unit and others of lying about lending practices in connection with some $352 billion in mortgage-backed securities.

Judge Mariana R. Pfaelzer of the U.S. District Court for the Central District of California dismissed Countrywide board members Ranjit Kripalani, Jennifer Sandefur and N. Joshua Adler from the case with prejudice in an order issued Tuesday.

The trio had argued that the second amended complaint, filed by...
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