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: Legal Pad | LACountrywide settlement ok'd in L.A.
By Richard Binder
U.S. District Judge Mariana Pfaelzer in Los Angeles gave approval yesterday to an agreement in which Countrywide Financial Corp. will pay $600 million to settle shareholder lawsuits. The settlement would end several class-action lawsuits that claimed Countrywide was loosening loan standards even as it concealed risks during the housing boom.
The settlement would also clear former CEO Angele Mozilo, former President David Sambol, former CFO Eric Sieracki, and other executives and firms named in the suits who underwrote Countywide stock.
Countrywide's accounting firm, KPMG, agreed to pay an additional $24 million as part of the settlement.
Full post as published by Legal Pad | LA on August 03, 2010 (boomark / email).
Countrywide Financial Corp
Served with Two Lawsuits
Countrywide Financial Corp.
allegedly charged borrowers improper foreclosure fees.
Countrywide
Faces Class Action over Strong-Arm Tactics used to Intimidate Appraisers
KB Home and Countrywide Financial Corp.
allegedly conspired with appraisers to boost housing prices as the market crashed.
Airborne Settlement
Company agrees to pay consumers $23.3 million class action settlement for false advertising.
Shareholder Settlement
R&G Financial Corporation agrees to $39 million securities fraud class action settlement.
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