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Countrywide to Pay $600 Million in Settlements

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Real Estate Agent with Berkshire Hathaway HomeServices Professional Realty 200039


Countrywide Financial has agreed to pay $600 million to settle shareholder lawsuits that claim it misled investors.

The U.S. District judge in Los Angeles has give preliminary approval. Countrywide’s accounting firm, KPMG also agreed to pay $24 million.

Neither defendant admitted any wrongdoing. "Countrywide denies all allegations of wrongdoing and any liability under the federal securities laws. We agreed to the settlement to avoid the additional expense and uncertainty associated with continued litigation," Bank of America said in a statement.

Source: USA Today, Stephanie Armour (08/03/2010)