Tuesday, August 03, 2010
The Associated Press,
The Associated Press,
Countrywide Settles Class-Action Lawsuits for $600 Million
LOS ANGELES -- Countrywide Financial Corp., while admitting no wrongdoing, agreed to pay $600 million to settle shareholder lawsuits in the largest payout so far from the mortgage meltdown.
The settlement would end several class-action lawsuits that claimed Countrywide concealed mounting risks as it loosened its standards for loans during the housing boom.
The settlement would clear former executives and financial firms that underwrote Countrywide stock and were named in the class-action suits.
Former CEO Angelo Mozilo, former President David Sambol, former CFO Eric Sieracki and former board members were named in the litigation.
Citywide is also under investigation by the SEC.
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Posted by Editor on 08/03/10 at 05:55 AM •
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