A federal judge in Los Angeles has thrown out shareholder claims of insider trading against all but one former executive of Countrywide Financial Corp.
U.S. District Judge Mariana Pfaelzer allowed the allegations contained in a shareholders' lawsuit to remain against former Countrywide chairman and CEO Angelo Mozilo. The lawsuit says he sold $478 million in shares between 2004 and 2008.
The judge says some modifications made to his automatic stock sale plan were unusual.
However, the judge said Monday the lawsuit failed to support allegations that former Chief Operating Officer Stanford Kurland and other executives illegally traded stock.
Countrywide was once the largest U.S. mortgage lender. It is now part of Bank of America Corp.
No comments:
Post a Comment