Countrywide Financial Corporation
The parties have reached a settlement of these Actions, pending in the United States District Court for the Central District of California. The settlement provides for the payment of $500,000,000 cash for the benefit of eligible Class Members in Maine State Retirement System v. Countrywide Financial Corporation, et al., No. 2:10-CV-00302 MRP (MANx) (C.D. Cal.); Luther v. Countrywide Financial Corporation, et al., No. 2:12-CV-05125 MRP (MANx); and Western Conference of Teamsters Pension Trust Fund v. Countrywide Financial Corporation, et al., No. 2:12-CV-05122 MRP (MANx) (collectively, the “Actions”). Plaintiffs in the Actions alleged that Defendants violated the federal securities laws by, among other things, making material misstatements and omissions concerning Countrywide’s loan origination and underwriting practices (including how properties collateralizing loans were appraised), the creditworthiness of its borrowers, and the value of the collateral underlying its loans associated with mortgaged-backed securities offered for sale by the Defendants.
The Class consists of all persons that purchased or otherwise acquired the individual securities issued as part of the 429 Offerings collectively at issue in the Actions during the period March 12, 2004 through August 7, 2013. As set forth in the proposed Plan of Allocation, only those purchases made from March 12, 2004 to October 16, 2008 are eligible to potentially recover from the Net Settlement Fund. The settlement was preliminarily approved by the Court on August 7, 2013. The Court has scheduled a final approval hearing for October 28, 2013 at 1:30 p.m. at the United States District Court for the Central District of California.
If you are a Class Member, to receive a payment from the settlement proceeds, you must submit a claim postmarked no later than December 15, 2013. The claim form can be obtained by clicking on the Proof of Claim and Release link below. If you have any questions about the settlement of the litigation, please contact the Claims Administrator toll-free at (866) 336-8968. More information regarding the settlement and securities at issue, along with other documents filed with the Court, can be found at: www.countrywidembssettlement.com.
- Stipulation and Agreement of Settlement
- Order Granting Preliminary Approval to Settlement and Directing Dissemination of Notice to the Class
- Notice of Pendency and Settlement of Proposed Class Actions, Fairness Hearing and Motion for an Award of Attorneys’ Fees and Litigation Expenses
- Proof of Claim and Release