California Court of Appeal

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Villari v. Mozilo, B231432

In a shareholder derivative action against officers and directors of Countrywide Financial Corporations, alleging that defendants had mismanaged the company's mortgage lending business and other claims, trial court's dismissal of the complaint is affirmed where: 1) pursuant to the continuous ownership rule, plaintiff had no standing to maintain shareholder derivative claims on behalf of Countrywide after its acquisition by Bank of America Corporation and merger into another corporation; and 2) Arkansas Teacher Retirement System v Caiafa cannot be read to support plaintiff's contention that he has adequately alleged a factual basis for application of the fraud exception to the continuous ownership rule based on dicta in that case.

Appellate Information

  • Decided 08/30/2012
  • Published 08/30/2012

Judges

  • Croskey

Court

  • California Court of Appeal

Counsel


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