Countrywide Deal Could Mean Legal Woes For BofA

Law360, New York (January 11, 2008, 12:00 AM EST) -- Bank of America's $4.1 billion buyout of Countrywide Financial Corp. may be a blessing for the ailing home lender, but given the ever-growing number of subprime-related lawsuits and investigations targeting Countrywide, it could spell trouble for Bank of America.

Under the terms of the deal, announced on Jan. 11, Countrywide shareholders will be given 0.1822 of a share of Bank of America stock for every share of Countrywide stock.

Bank of America said it expects the deal to close in the third quarter of 2008, and...
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