Former Countrywide CEO Angelo Mozilo Must Face Trial
U.S. District Judge John F. Walter denied requests from Mozilo and two other former Countrywide executives for a ruling that there were no genuine issues to be tried, Bloomberg News said.
The case is now set for trial in October.
Mozilo, co-founder of Countrywide, is the most high-profile figure targeted by authorities investigating the subprime mortgage crisis. He argues that he repeatedly made negative statements about the markets. "Someone trying to benefit from inside information would have painted a rosier outlook," his lawyers said in court papers.
Bank of America (BAC) acquired Countrywide in 2008.