$55M Deal Sought In Countrywide ERISA Action

Law360, New York (August 6, 2009, 4:00 PM EDT) -- Plaintiffs in a class action accusing Countrywide Financial Corp. of violating the Employee Retirement Income Security Act in its treatment of their 401(k) plan have asked a judge to approve a $55 million settlement in the case.

In a motion filed Wednesday in the U.S. District Court for the Central District of California, plaintiffs said that the $55 million cash payment would provide “substantial benefit” to the class and resolve all claims in the litigation.

According to the motion, the suit, originally filed by Vincent Alvidres...
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