Judge Keeps Countrywide Suit Alive

Law360, New York (May 15, 2008, 12:00 AM EDT) -- In a victory for shareholders of Countrywide Financial Corp., a California judge has refused to dismiss a class action filed against the troubled lender's officers and directors.

Judge Mariana Pfaelzer of the U.S. District Court for the Central District of California ruled on Tuesday that the plaintiffs in the case had adequately pled facts that gave rise to a strong inference of scienter.

“Plaintiffs’ allegations create a cogent and compelling inference that the individual defendants misled the public with regard to the rigor of Countrywide’s loan...
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