Enter multiple symbols separated by commas

Suit Against Ex-Countrywide CEO to Be Held in Florida

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 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.


  • Meet the 'LendingClub of China'

    Soul Htite, founder & CEO of Dianrong.com, outlines the opportunities in emerging markets like China and explains why internet companies share a "good relationship" with mainland authorities.

  • Benjamin Lawsky, superintendent of the New York State Department of Financial Services.

    NY's top financial regulator, Benjamin Lawsky, told CNBC that his agency should have focused on individual accountability earlier.

  • A recovery in India's credit growth may elude its banks until early 2016, despite an economy that likely outpaced China.