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A federal court has ruled that Florida's lawsuit against the former chief executive of Countrywide Financial should be tried in state court.
A federal court in California this week sent the state's lawsuit against former CEO Angelo R. Mozilo back to Florida's circuit court.
Countrywide was the nation's largest mortgage lender before a spike in bad loans ravished its business and it was purchased by Bank of America [BAC
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] last year. The lawsuit, filed last year, accuses Mozilo of misleading borrowers and investors about the loans.
Mozilo had argued the lawsuit was based on federal issues. But the court ruled that Florida's lawsuit cites relevant state law and can proceed in its courts. Mozilo has denied wrongdoing.
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