Attys Seek $85M From $500M Countrywide MBS Class Deal

Law360, Los Angeles (July 8, 2013, 9:57 PM EDT) -- Attorneys representing plaintiffs in three California class actions launched by purchasers of mortgage-backed securities issued by Countrywide Financial Corp. told a California federal judge Monday that they would seek $85 million in attorneys' fees from a $500 million deal, the biggest settlement of MBS class claims to date.

Plaintiffs' lawyers said they would seek 17 percent of the $500 million settlement, which wraps up lawsuits alleging Countrywide subsidiaries made false statements about the quality of the mortgages underlying securities purchased by institutional investors between 2005 and...
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