Judge Spurns Countrywide Deal With Pa. Trustee

Law360, New York (August 15, 2008, 12:00 AM EDT) -- Days after the U.S. trustee's office lodged a protest, a federal bankruptcy judge has rejected a proposed deal reached between Countrywide Financial Corp. and Pennsylvania over the lender's allegedly abusive practices in the state.

On Thursday, U.S. Bankruptcy Judge Thomas Agresti refused to endorse the settlement, contending that the deal failed to address many important issues and left him uneasy about the whole situation.

"While there definitely appears to be good intention in this regard, the court is concerned that the essential substance of the settlement...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.