Countrywide, Bank of America Settle Employee Lawsuit for $55 Million

This is a settlement for the Countrywide Financial Corp. lawsuit.

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Countrywide and its new owner, Bank of America, have agreed to settle an employee class action alleging that the mortgage company mislead its employees about the company's financial health, causing the value of their retirement plans to decrease.

The settlement is for $55 million which includes a $10,000 incentive award to the named plaintiff plus attorney fees totaling up to 27.5 percent of the agreed settlement.

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Reader Comments

Posted by

I too worked for CW fr 7/2003 to 10/2008. Does this effect my pension as well

Posted by

I am a Countrywide to Bank of america employee from May 2003 to April 2011. I am included in this lawsuit.
I have a pension plan which I was told I cannot collect until I turn 65 years of age in July 2020.
thank you

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