A New York state judge has dismissed a lawsuit filed by hedge fund investors in 2007 against Countrywide Financial Corp. over soured mortgage-backed bonds issued during the boom years.
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New York State Supreme Court Justice Barbara R. Kapnick said in a decision last week that the investors had failed to comply with a procedural rule that required them to get the backing of 25% of investors in their funds in order to file a lawsuit.
Countrywide is now owned by Bank of America Corp.
William Frey, the chief executive of Greenwich Financial Services, a hedge fund in Connecticut, said Friday that he is considering whether to appeal the decision or refile the lawsuit.
