In Re Countrywide Fin. Corp. Derivative Litigation

ORDER (1) GRANTING DEFENDANTS’ CROSS MOTION STAY; (2) DENYING PLAINTIFFS’ MOTION FOR CONSTRUCTIVE TRUST AND PRELIMINARY INJUNCTION; AND (3) DENYING PLAINTIFFS’ MOTION FOR EXPEDITED DISCOVERY

Before the Court are three motions brought with respect to In re Countrywide Financial Corp. Derivative Litigation, No. CV-07-06923-MRP (“Arkansas Teachers ”), and one brought with respect to In re Countrywide Financial Coi"p. Securities Litigation, No. CV-07-05295-MRP (“Pappas ”). The motions generally relate to the series of cases before this and other courts involving Countrywide Financial Corporation (“Countrywide”), Bank of America Corporation (“Bank of America”), and several current and former Countrywide directors and officers.

Defendants in Arkansas Teachers bring a Cross-Motion to Stay merger-related class action claims in Arkansas Teachers in favor of similar proceedings currently progressing in the Delaware Court of Chancery. Defendants also bring a Motion to Stay Discovery in In re Countrywide Fin. Corp. Shareholder Derivative Litigation, No. BC375275 (Cal.Super.Ct.), asking this Court to enjoin discovery in an action pending in Superior Court of California, Country of Los…