Countrywide, Triad Reach Deal In $111M Insurance Suit

Law360, Los Angeles (August 21, 2012, 6:52 PM EDT) -- Countrywide Home Loans Inc. has reached a settlement in its $111 million lawsuit accusing Triad Guaranty Insurance Corp. of wrongfully rescinding insurance coverage on thousands of home loans, Triad's attorney told a California judge Tuesday, saying the deal is awaiting government approval.

"The principals from my client, Triad Insurance, met in Illinois with the new head of the Illinois Department of Insurance and briefed him," Triad's attorney Jeffrey K. Riffer of Elkins Kalt Weintraub Reuben Gartside LLP told Los Angeles Superior Court Judge Elihu M. Berle...
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