Mortgage Lender Pays Big to Settle Class Action Suits

Tue Aug 3, 2010

Countrywide Lending has reached a preliminary settlement to settle shareholder lawsuits for $600 million dollars. The lawsuits stemmed from alleged loosening of lending standards as the mortgage crisis began to unfold.

Under the terms of the settlement, a number of members of the board would be cleared from any wrongdoing. The company is currently being sued by the SEC, and a number of states. The Department of Justice and the California Attorney General are also investigating the company. 

Countrywide To Pay $600 Million To Settle Lawsuits | NPR

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