$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...
To view the full article, register now.

Related

Sections

Case Information

Case Title

Maine State Retirement System v. Countrywide Financial Corporation et al


Case Number

2:10-cv-00302

Court

California Central

Nature of Suit

Securities/Commodities

Judge

Mariana R. Pfaelzer

Date Filed

January 14, 2010


Case Title

Western Conference of Teamsters Pension Trust Fund v. Countrywide Financial Corporation et al


Case Number

2:12-cv-05122

Court

California Central

Nature of Suit

Securities/Commodities

Judge

Mariana R. Pfaelzer

Date Filed

June 12, 2012


Case Title

David H Luther et al v. Countrywide Financial Corporation et al


Case Number

2:12-cv-05125

Court

California Central

Nature of Suit

Securities/Commodities

Judge

Mariana R. Pfaelzer

Date Filed

June 12, 2012

Law Firms

Companies

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.