Judge OKs $34M Countrywide Reinsurance Settlement

Law360, New York (March 22, 2011, 5:10 PM EDT) -- A Pennsylvania federal judge gave his initial blessing Tuesday to a $34 million settlement of a class action alleging Bank of America Corp.'s Countrywide Financial Corp. paid kickbacks to its reinsurer, CW Reinsurance Co.

Judge Juan R. Sanchez of the U.S. District Court for the Eastern District of Pennsylvania granted preliminary approval to the settlement, which stipulated that the lead class counsel's request for attorneys’ fees can't exceed 27.5 percent of the settlement fund.

The class includes all residential mortgage borrowers whose loans closed between December...
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