Countrywide Financial Corp. Reaches $500 Million Settlement In 3 Mortgage-Backed Securities Class Actions

LOS ANGELES - (Mealey's) Countrywide Financial Corp. will pay $500 million to shareholders in three related securities class action lawsuits to settle claims that it misrepresented the investment quality of mortgage-backed securities (MBS) in what is being called the largest-ever MBS class action...

U.S. High Court: State’s Lawsuit On Behalf Of Citizens Is Not Mass Action

WASHINGTON, D.C. — (Mealey's) A state’s lawsuit seeking restitution for itself and its citizens, in which it is the only named plaintiff, does not qualify as a mass action under the Class Action Fairness Act (CAFA), the U.S. Supreme Court ruled unanimously Jan. 14 ( State of Mississippi...

Williams Mullen: State Attorneys General Served ‘Home Cooking’ By The Supreme Court Of The United States

By Charles E. “Chuck” James Jr. and Brendan D. O’Toole On January 14, 2014, in Mississippi v. AU Optronics Corp. , the Supreme Court held that a parens patriae action (one brought by the state on behalf of its injured citizens) does not constitute a ‘mass action’ and...