Countrywide to pay $600 million to New York pension funds
Mortgage bank alleged to have exposed investors to excessive risk
NEW YORK – Countrywide Financial has settled its lawsuit with New York Common Retirement Fund and New York City Public Pension Funds with a $624 million payout. The suit accused Countrywide of making misleading statements and omitting facts about its procedures. In doing so, it was alleged it exposed investors to excessive and undisclosed risk
The mortgage bank, now owned by Bank of America, will
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