Countrywide Seeks Exit From Funds' Subprime Suit

Law360, New York (May 23, 2011, 7:17 PM EDT) -- Countrywide Financial Corp. told a California federal court Friday that it should be dismissed from a suit by 10 funds that refused to settle a previous class action accusing the mortgage lender of misleading investors and mislabeling high-risk loans.

The lender should be stripped from the suit because the plaintiffs' common law claims came too late, and their allegations that Countrywide "abandoned" its underwriting standards are not backed up by even one interview with any former Countrywide employee or other witness, according to Countrywide's motion to...
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