LOS ANGELES - Countrywide Financial Corp. will pay $500 million to shareholders in three related securities class action lawsuits to settle claims that it misrepresented the investment quality of mortgage-backed securities (MBS) in what is being called the largest-ever MBS class action recovery under the Securities Act of 1933, according to a press release issued by class counsel on April17 (David H. Luther v. Countrywide Financial Corp., No. 12-5125; Western Conference of Teamsters Pension Plan...(read more)Image may be NSFW.
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