LOS ANGELES-A settlement of $600 million will be paid by Countrywide Financial Corp. to its shareholders to settle a lawsuit relating to the mortgage securities. An approval for the settlement has been granted by Judge Mariana Pfaelzer of the US District Court in Los Angeles.
The lawsuit claimed that Countrywide had understated the risks associated with mortgage securities. Countrywide was the largest mortgage lender in the country before Bank of America Corp. acquired it in 2008. For the full story, go to The New York Times.
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