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

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