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Ore. Hits Countrywide With $14M Subprime Suit

Law360 (January 27, 2011, 6:16 PM EST) -- Oregon has accused Bank of America Corp. unit Countrywide Financial Corp. of inflating its stock and bond prices by misleading investors about risky mortgage loans, opting out of a class action settlement.

Oregon Attorney General John Kroger filed two lawsuits in Multnomah County Circuit Court on Wednesday in an effort to recover $14 million in losses to state pension and workers' compensation funds allegedly caused by false statements made by the humbled mortgage giant.

Kroger said the state filed the suit instead of accepting an earlier...
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