Bank of America Settles Countrywide Suits: Report
NEW YORK (
) --
Bank of America
(BAC) - Get Report
settled securities fraud claims with an investor group that included the
California Public Employees Retirement System
,
BlackRock
(BLK) - Get Report
,
T Rowe Price
(TROW) - Get Report
and
TIAA-CREF
according to a
Bloomberg News
report.
The claims were made against Countrywide, which Bank of America acquired in 2008. The investor plaintiffs, who had opted out of a $624 million class action settlement in 2010, accused Countrywide of misleading shareholders about its finances and lending practices, according to the
Bloomberg
report.
|
A confidential settlement has now been reached with all the defendants in the U.S. District court case except former Countrywide auditor
KPMG
, the article states.
Bank of America has incurred $3.84 billion in litigation so far in 2011, according to a Deutsche Bank report. An email message to a Bank of America spokeswoman was not immediately returned.
--
Written by Dan Freed in New York
.
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