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Countrywide, Bank of America Settle Employee Lawsuit for $55 Million

Countrywide and its new owner, Bank of America, have agreed to settle an employee class action alleging that the mortgage company mislead its employees about the company's financial health, causing the value of their retirement plans to decrease.

The settlement is for $55 million which includes a $10,000 incentive award to the named plaintiff plus attorney fees totaling up to 27.5 percent of the agreed settlement.

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Last updated on Aug-31-09