Pension Fund Denied Bigger Share Of $624M Countrywide Deal

Law360, Chicago (May 29, 2013, 2:09 PM EDT) -- The Ninth Circuit rejected Tuesday an employee pension fund’s bid for a larger slice of a $624 million settlement in an investor class action against infamous mortgage lender Countrywide Financial Corp., finding that the lower court properly interpreted the definition of the class.

The three-judge panel in a brief opinion sided with the suit's lead plaintiffs, who argued that the retirement plan — now overseen by Bank of America Corp., which acquired Countrywide in 2008 — was seeking an outsize $12 million to $14 million recovery...
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