$500M Countrywide MBS Deal Gets Preliminary Nod

Law360, Los Angeles (August 1, 2013, 6:49 PM EDT) -- A California federal judge said Thursday she will preliminarily approve a $500 million settlement of three putative class actions challenging Bank of America Corp.-owned Countrywide Financial Corp.'s underwriting standards for mortgage-backed securities, noting new details allayed her concerns about how the settlement will be divided.

At a hearing, Senior U.S. District Judge Mariana R. Pfaelzer said she will sign amended orders in the cases once plaintiffs' counsel submit additional documents on potential conflicts of interest when the settlement agreement calls for some money to go to...
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