Bank of America, KPMG Win Countrywide Settlement Approval
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Countrywide Financial Corp., the mortgage lender acquired by Bank of America Corp., and KPMG LLP, its former auditor, won final approval for a $601.5 million minimum settlement with Countrywide investors suing for securities fraud.
U.S. District Judge Mariana Pfaelzer in Los Angeles today approved the settlement of the class action, which was revised in December to set aside $22.5 million for possible separate settlements after about two dozen institutional investors, including the California Public Employees’ Retirement System, opted out of the original $624 million agreement.