Countrywide's $500M MBS Deal Gets Thumbs-Up

Law360, New York (December 9, 2013, 7:26 PM EST) -- A California federal judge gave final approval Friday to a $500 million settlement of three class actions challenging Bank of America Corp.-owned Countrywide Financial Corp.’s underwriting standards for mortgage-backed securities, including $85 million in fees to the plaintiffs’ attorneys.

Senior U.S. District Judge Mariana R. Pfaelzer granted the plaintiffs' counsel’s request for litigation expenses of nearly $3 million along with attorneys’ fees of 17 percent of the total settlement fund, an award she had tentatively approved in October over the objections of the Federal Deposit Insurance...
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