Countrywide Wins Approval to Settle Shareholder Suit

By Mike Cherney

Law360, New York (August 25, 2009, 7:18 PM ET) -- A Delaware Chancery Court judge has approved a settlement between Countrywide Financial Corp. and its shareholders, who alleged executives at the nation's former largest residential mortgage underwriter breached their fiduciary duty in connection with Bank of America Corp.'s $4 billion takeover of the company.

Vice Chancellor John Noble held Aug. 24 that it was not unfair for the shareholders to settle the class action without monetary compensation and dismissed an objection by SRM Global Fund LP, a shareholder that said it was owed at least $65...
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