LOS ANGELES-A settlement of $600 million will be paid byCountrywide Financial Corp. to its shareholders to settle a lawsuitrelating to the mortgage securities. An approval for the settlementhas been granted by Judge Mariana Pfaelzer of the US District Courtin Los Angeles.
The lawsuit claimed that Countrywide had understated the risksassociated with mortgage securities. Countrywide was the largestmortgage lender in the country before Bank of America Corp.acquired it in 2008. For the full story, go to The New York Times.
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