Case Details for "Countrywide / Bank of America"

Countrywide Settles Securities Class Action for $624 Million

Under the proposed settlement, Countrywide would separately pay plaintiffs $600 million and the accounting firm, KPMG would pay $24 million, making the combined recovery one of the largest securities fraud settlements in U.S. history.

Plaintiffs had alleged that Countrywide, one of the country's largest mortgage lenders, violated securities laws by making misstatements and omitting material facts about its policies and procedures for underwriting loans that entailed greater risk than disclosed. Thus, Plaintiffs contended that Countrywide had contrary to public assurances, exposed investors to excessive, undisclosed risk.

Posted on:2010-05-07
Company: Countrywide / Bank of America
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Scope: Nationwide
Type of Case: Securities
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