Bank of America Reaches $500M Settlement

April 17 2013

17298s.jpg New York, NY: Bank of America has reached a settlement in the pending securities fraud class action lawsuit brought by investors who purchased mortgage investments from Countrywide Financial. BoFA acquired Countrywide in 2008.

The proposed settlement would see BoFA pay $500 million to settle the lawsuit, which would be paid out to plaintiffs that include Dubai's Mashreq Bank and public and union pension funds in California, Maine, Nevada, Vermont and Washington states. The plaintiffs claimed they were misled about the risks of securities they bought from California-based Countrywide between 2005 and 2007.

The settlement surpasses the $315 million accord reached with Merrill Lynch in May 2012, making it the largest to resolve federal class-action litigation over mortgage-backed securities since the financial crisis began.

The accord requires court approval.

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Reader Comments

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Bank of america has gave a mortgage under my name while i was in Washington state , i been fighting with the bank for a year, they have destroy my credit , i can not even live any money in the bank because not only that they have gave a mortgage under my name they also gave those people all my information . i have work long 22 years to be able to expend and now i cant , why because bank of america is a bully , no i want them to fix my credit the way it was good credit that any place i apply i could get a loan , now i cant , they need to fix it and they need to pay me my losses that till now i have lost $15 millions , and every month im losing $ 1.2 millions why do i have to lose money because they are a bully no , i will go on any TV station , i will contact every investor that does business with bank of america to show them how bank of america does business illegally.Trade center will see how bank of america does business stilling others people information so the can close mortgages .

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