Countrywide to pay $600 million to New York pension funds

NEW YORK – Countrywide Financial has settled its lawsuit with New York Common Retirement Fund and New York City Public Pension Funds with a $624 million payout. The suit accused Countrywide of making misleading statements and omitting facts about its procedures. In doing so, it was alleged it exposed investors to excessive and undisclosed risk

The mortgage bank, now owned by Bank of America, will pay $600 million, with its auditor KPMG paying the remaining $24 million.

Countrywide issued a

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: