X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Wilmer Cutler Pickering Hale and Dorr is no longer representing Angelo Mozilo in the U.S. Securities and Exchange Commission’s lawsuit against the founder of Countrywide Financial Corp., according to court documents. In June, the SEC charged Mozilo, former President and Chief Operating Officer David Sambol and former Chief Financial Officer Eric Sieracki with securities fraud. The SEC claims that all three misled investors into believing that the Calabasas, Calif.-based mortgage lender was in good financial health, even as they discussed in internal e-mails numerous problems with its riskier loans. Bank of America Corp. purchased the company in 2008. The SEC also charged Mozilo, who was Countrywide’s chairman and chief executive until 2008, with insider trading related to his sale of options totaling approximately $140 million. On Nov. 3, U.S. District Judge John Walter of the Central District of California denied motions to dismiss filed by all three former Countrywide executives. On Dec. 18, Wilmer filed a motion to withdraw as counsel for Mozilo in the case. A team led by William McLucas, chairman of Wilmer’s securities practice, and Joseph Brenner, co-vice chairman of the securities practice, had represented Mozilo. They are partners in the firm’s Washington, D.C., office who previously advised special committees associated with Enron Corp. McLucas declined comment. Brenner did not return a call for comment. Mozilo also had been represented by Wilmer partner David Marcus and senior associate Caroline Kane, both in Los Angeles. They declined comment. In 2007, Wilmer snagged Randall Lee, former regional director of the SEC’s Los Angeles office, to open the firm’s office there. The firm now has about a dozen lawyers in Los Angeles. Mozilo continues to be represented by a team at Irell & Manella led by Los Angeles partners Daniel Lefler and David Siegel, who is head of the firm’s securities litigation practice. Neither returned a call for comment.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.