BUSINESS BRIEFING / COURTS
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A federal court has ruled that Florida’s lawsuit against the former chief executive of Countrywide Financial Corp. should be tried in state court.
A federal court in California 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 surge in bad loans ravaged its business and it was purchased by Bank of America Corp.
The lawsuit accuses Mozilo of misleading borrowers and investors about the loans.
Mozilo has argued that the lawsuit was based on federal issues and has denied wrongdoing.
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