Countrywide Settles Prepayment Charge Class Action

Law360, New York (June 16, 2010, 3:00 PM EDT) -- Connecticut residents who took out mortgages from Countrywide Bank NA or Countrywide Bank FSB will get partially reimbursed for prepayment charges under a settlement deal in a putative class action accusing Countrywide of breach of contract and violating the Connecticut Unfair Trade Practices Act.

Plaintiff Patrick Ferrandino filed a motion Tuesday asking the U.S. District Court for the District of Connecticut to certify a settlement class and give preliminary approval to the settlement agreement.

The settlement has a potential value of at least $855,000, and including...
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