The federal panel on multidistrict litigation has coordinated eight securities lawsuits, including one filed in New York, against Countrywide Financial Corp. on behalf of investors who purchased its mortgage-backed securities. The panel sent the case to District Judge Mariana Pfaelzer, who already was overseeing several of the suits in Los Angeles.
It was the third MDL to target Countrywide since the 2008 financial crisis. Another MDL involving Countrywide’s mortgage lending practices is pending before District Judge John Heyburn in Louisville, Ky. District Judge Dana Sabraw in San Diego is hearing an MDL regarding the sales and marketing practices of Countrywide’s mortgages. The latest MDL is limited to investors who claim they were misled about the origination practices or credit quality of mortgages Countrywide originated between 2004 and 2007. Many of the suits were filed this year. Four are in California, one in Illinois, one in Ohio, one in Oklahoma and one in New York.
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