The suit remains in place against former CEO Angelo Mozilo. The judge stated that adjustments to his automatic stock sale plan were unusual. The lawsuit alleges that he sold $478 million in shares between 2004 and 2008.
Countrywide was once the largest mortgage lender, but suffered a momentous decline in 2007 that led to its purchase by Bank of America.
CEO Mozilo was widely criticized for selling off stock as the value dropped.