$500m settlement for Countrywide
Countrywide Financial, the US mortgage giant rescued by Bank of America at the height of the credit crisis, has settled a mortgage-backed securities lawsuit with its investors, led by the Iowa Public Employees' Retirement System, for $500m (£328m).
If approved by the US District Court in California, the settlement will halt the lawsuit filed against Countrywide for allegedly selling mortgage-backed securities that were later downgraded to junk bond status.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies