Final Approval Of $500M Countrywide Securities Settlement Granted

Final Approval Of $500M Countrywide Securities Settlement Granted

LOS ANGELES - A federal judge in California on Dec. 6 granted final approval of a record-setting $500 million securities class action settlement in three related actions against Countrywide Financial Corp. for misrepresenting the investment quality of mortgage-backed securities (MBS) it offered to investors (David H. Luther v. Countrywide Financial Corp., No. 12-5125; Western Conference of Teamsters Pension Plan v. Countrywide Financial Corp., No. 12-5122; and Maine State Retirement System v. Countrywide Financial Corp., No. 10-0302, C.D. Calif.).

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