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Countrywide asks for delay in shareholder suits

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flashl Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-15-08 08:11 AM
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Countrywide asks for delay in shareholder suits
LOS ANGELES (Reuters) - Lawyers for Countrywide Financial Corp (CFC.N) and its directors asked a federal judge in Los Angeles to postpone discovery in an investor lawsuit for several weeks in what opposing attorneys say is a "blatant attempt" to shield company directors from investor claims.

In documents filed on Thursday with the U.S. District Court in Los Angeles, Countrywide's lawyers said they should not have to hand over "four years' worth of all-encompassing discovery" until after U.S. District Judge Mariana Pfaelzer decides whether there is enough evidence for the case to go to trial.

A hearing on the dismissal motion is set for April 28.

Investors suing Countrywide directors and executives for reaping hundreds of millions from alleged insider trading want Pfaelzer to speed up discovery and allow them to try their claims before the company is acquired by Bank of America Corp (BAC.N) after June 30 -- an event they say will nullify their claims.

Washington Post

Wonder if BoA still believes that CFC is a great deal?
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