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

Documents

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.