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BoFA Settles with CountryWide Investors

New York, NY: Bank of America has reached a settlement with former Countrywide Financial Corp institutional investors who decided not to join a $624 million class-action case that won court approval in February.

The terms of the accord were not disclosed and Countrywide's former auditor KPMG was not part of the pact, according to the filing.

Blackrock Inc, the California Employees' Retirement System (CalPERS) and other investors in July filed a lawsuit that alleged Countrywide and its top leaders perpetrated fraud ”in a quest to triple Countrywide's market share and enrich themselves at the expense” of investors. Bank of America acquired the former sub-prime lender on July 1, 2008.

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Last updated on Nov-23-11