Prime Countrywide Merger Suit Moves Toward Deal

Law360, New York (July 7, 2008, 12:00 AM EDT) -- Countrywide Financial Corp. appeared one step closer to fending off a shareholder challenge to Bank of America Corp.'s proposed $4.1 billion purchase as a Delaware judge tentatively approved a class action settlement concerning the merger over the objections of the plaintiffs in a separate securities suit against the troubled lender.

Vice Chancellor John W. Noble of the Delaware Court of Chancery signed a joint stipulation of settlement on July 3 following a hearing, according to Jeffrey Golan of Barrack, Rodos & Bacine, which is representing the...
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