order centralizing twelve actions

Countrywide Moves to Centralize 12 Securities Actions

On May 24, 2011, Countrywide Financial Corporation and related entities moved the Judicial Panel on Multidistrict Litigation for an order centralizing twelve actions that allege that Countrywide made material misstatements and omissions to investors in connection with equity, debt, and mortgage-backed securities for consolidated or coordinated proceedings before Judge Mariana Pfaelzer of the Central District of California. In its motion, Countrywide asserts that the actions share common factual allegations, making them appropriate for centralization. Countrywide further argues that the twelve actions should be centralized before Judge Pfaelzer because she is “intimately familiar” with the factual and legal issues presented in these litigations from presiding over nine Countrywide-related actions for the past three years. Notice. Memo.