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Mozilo loses bid to dismiss lawsuit

November 05, 2009|Times Wire Reports

Former Countrywide Financial Corp. Chief Executive Angelo R. Mozilo must face a lawsuit by the Securities and Exchange Commission alleging he misled investors about the lender's deteriorating finances.

U.S. District Judge John F. Walter has denied Mozilo's request to dismiss the SEC's securities fraud claims. Walter also rejected similar requests by former Countrywide Chief Operating Officer David Sambol and former Chief Financial Officer Eric Sieracki.

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