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BofA Reaches Deal With Countrywide Settlement Holdouts

Law360, New York (November 22, 2011, 6:31 PM EST) -- Bank of America Corp. on Monday reached a settlement with institutional investors who had opted out of a 2010 $624 million settlement of allegations that Countrywide Financial Corp.'s officers made false statements regarding its lending standards and home loan quality.

Terms of the Monday settlement, which was filed in federal court in Los Angeles, were not disclosed. The settling plaintiffs included the California Public Employees' Retirement System, investment firm T. Rowe Price Group Inc., BlackRock Financial Management Inc. and SunAmerica Asset Management Corp.

Bank of America purchased Countrywide in 2008 as the lender, once the nation's largest, crumbled under the weight...

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