Countrywide Agrees to Pay $600 Million to Settle Lawsuits

Countrywide Financial Corp. agreed to pay $600 million to settle shareholder lawsuits in the largest payout so far from the mortgage meltdown. U.S. District Judge Mariana Pfaelzer in Los Angeles on Monday gave preliminary approval to the agreement, in which the defendants admitted no wrongdoing. The settlement would end several class action lawsuits that claimed Countrywide concealed mounting risks as it loosened its standards for loans during the housing boom.



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