Countrywide asks for postponement on lawsuit

Calcutta News.Net
Saturday 15th March, 2008

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Countrywide Financial Corp has asked a federal judge in Los Angeles to postpone an investor lawsuit for several weeks.

Countrywide's lawyers said they should not have to hand over four years worth of discovery documents until after a US District Court judge whether there is enough evidence for the case to go to trial.

Opposing lawyers say Countrywide is engaging in a blatant attempt to shield company directors from investor claims.

Investors are suing Countrywide directors and executives for reaping hundreds of millions from alleged insider trading.

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