Countrywide Gets OK For $624M Deal In Subprime Suit

Law360, New York (February 25, 2011, 9:38 PM EST) -- Countrywide Financial Corp. on Friday finalized a $624 million settlement in a class action in California accusing it of misleading investors and mislabeling high-risk loans, resolving issues with those that opted out of the class.

Judge Mariana R. Pfaelzer, at a hearing in the U.S. District Court for the Central District of California, approved the amended settlement that requires Countrywide, now part of Bank of America Corp., and its former auditor KPMG to pay investors $601.5 million and set aside $22.5 million to settle individual cases...
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