Countrywide Investors Get Class Cert. In $2.5B MBS Suit

Law360, New York (November 22, 2011, 1:18 PM EST) -- A California federal judge on Monday certified a class in a suit alleging Countrywide Financial Corp. misled investors when they purchased eight groups of mortgage-backed securities worth about $2.46 billion.

U.S. District Judge Mariana R. Pfaelzer's approval of the class follows a late September agreement between the plaintiffs and Countrywide governing the makeup of the class, which will include all investors who purchased shares of the eight securities of Countrywide MBS before Jan. 14, 2010.

The two sides agreed to the stipulation governing class certification as...
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