Settlement Gets Preliminary OK in Countrywide Class Action

Louisville, KY: A settlement has been granted preliminary approval by a federal judge in the class action pending against Countrywide Financial - now owned by Bank of America - and millions of customers who suffered a security breach of their detailed personal financial information.

According to reports, the terms of the settlement would see Countrywide provide free credit monitoring to as many as 17 million people whose financial information was exposed. That would include anyone who used Countrywide to service a mortgage before July1, 208.

Preliminary approval was granted on December 23, and a fairness hearing is scheduled for July 19, 2010.