Former officials of Bank of America Corp.’s Countrywide Financial unit won dismissal of a federal lawsuit in Delaware in which investors sought $2 billion in damages for the company based on allegations of insider trading.

The International Brotherhood of Electrical Workers Local 98 Pension Fund and shareholder Adam Blumberg aren’t permitted to pursue the so-called derivative lawsuit on behalf of the company because of the $2.5 billion Bank of America buyout of Calabasas-based Countrywide in July, said U.S. District Judge Sue L. Robinson in her decision filed Tuesday.

The shareholders sued some of the home-mortgage lender’s directors, including former Chief Executive Angelo Mozilo in 2007, alleging they sold stock worth $373 million while “in possession of non-public, materially adverse company information,” Robinson wrote.

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