$55M Deal Sought In Countrywide ERISA Action

Law360, New York (August 6, 2009, 4:00 PM EDT) -- Plaintiffs in a class action accusing Countrywide Financial Corp. of violating the Employee Retirement Income Security Act in its treatment of their 401(k) plan have asked a judge to approve a $55 million settlement in the case.

In a motion filed Wednesday in the U.S. District Court for the Central District of California, plaintiffs said that the $55 million cash payment would provide “substantial benefit” to the class and resolve all claims in the litigation.

According to the motion, the suit, originally filed by Vincent Alvidres...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.