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Judge trims Countrywide shareholder suit

April 09, 2009|Associated Press

LOS ANGELES — 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 Chief Executive Angelo R. Mozilo. The lawsuit says he sold $478 million in shares from 2004 to 2008.

The judge says some modifications made to Mozilo's automatic stock sale plan were unusual.

However, the judge said the lawsuit failed to support allegations that former Chief Operating Officer Stanford Kurland and other executives illegally traded stock.

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