Los Angeles, CA: A US District Judge in Los Angeles has granted preliminary approval of a $600 million settlement that could end several class actions against Countrywide Financial Corp.
The suits were filed over allegations that Countrywide concealed the steadily increasing risk of housing loans that corresponded with the housing boom, while at the same time it loosened its lending standards for housing loans.
If the settlement is approved it would clear former executives and financial firms that underwrote company stock, and which were named as defendants in the lawsuits.
