Bank of America Settles Countrywide Lawsuit
Countrywide Financial Corp., a mortgage lender acquired by Bank of America, has agreed to a $624 million settlement of a lawsuit which accused the lender of misleading investors about its lending practices. The class action lawsuit was led by several pension funds. In the lawsuit, the plaintiffs alleged that Countrywide and its senior management misled them about the company’s lending risks, including a large reliance on risky subprime and adjustable rate mortgages which helped sustain its profits during boom times.
At one time, Countrywide was the largest U.S. mortgage lender. However, it became the “poster child” for the risky lending practices that helped fuel the U.S. housing boom and then, subsequently, the housing collapse. Countrywide was purchased by Bank of America in January 2008, as the mortgage lender struggled to stay above water. With the settlement, Countrywide would pay $600 million and its former auditor, KPMG, LLP, would pay $24 million. The settlement would be the 13th largest securities class action settlement since federal law on private securities litigation was overhauled in 1995.
Share ThisFOR FREE No Win, No Fee
Review Us
Susan and Forest were outstanding. Very helpful through the whole process and definitely fought to help me greatly. It’s a very overwhelming process and without them I feel certain I would have been left without nearly as much. I absolutely will use the old fashion word of mouth sales pitch for your team. That’s actually how I found Forest. Through a friend who had used them. I will be telling anyone I know who has an accident to absolutely use Forest and Susan. I couldn’t be more satisfied with their treatment of me and my case. They are outstanding.
Contact Our North Carolina Personal Injury Law Firm
for a Consultation for Your Accident or Medical Malpractice Claim
FOR FREE No Win, No Fee
The law firm you choose makes a difference. If you are the victim of an accident or an illness that someone else caused, the North Carolina personal injury law firm of Martin & Jones has the depth of experience, skills and sensitivity to make your road to recovery as smooth as possible. Whether you have experience with the legal system or have never hired a medical malpractice or personal injury lawyer before, our attorneys and staff will do our best to answer your questions, provide clear advice and prepare you and your family for what to expect. If you would like more information or to meet with one of our attorneys, please fill out the form below or call us at 800.662.1234.