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Securities Litigation Website

On October 3, 2016 the Court entered its, Class Distribution Order in Maine State Action, Class Distribution Order in Luther Action and Class Action Order in Western Conference Action, authorizing distribution of the Net Settlement Fund. The initial distribution commenced on November 30, 2016.

The Countrywide Mortgage-Backed Securities Settlement resolves lawsuits alleging that Countrywide Financial Corporation (“Countrywide” or the “Company”), Countrywide Home Loans, Inc., CWALT, Inc., CWMBS, Inc., CWHEQ, Inc., CWABS, Inc., Countrywide Capital Markets, and Countrywide Securities Corporation (collectively, the “Countrywide Defendants”); Stanford L. Kurland, David A. Spector, Eric P. Sieracki, David A. Sambol, Ranjit Kripalani, N. Joshua Adler, Jennifer S. Sandefur, Jeffrey P. Grogin, Thomas Boone and Thomas K. McLaughlin (collectively, the “Individual Defendants”); and Banc of America Securities LLC, Barclays Capital Inc., Bear, Stearns & Co. Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Edward D. Jones & Co., L.P. d/b/a Edward Jones, Goldman, Sachs & Co., Greenwich Capital Markets, Inc. a.k.a. RBS Greenwich Capital now known as RBS Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Merrill, Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated, and UBS Securities LLC (collectively, the “Underwriter Defendants”) made misstatements and omissions in connection with the offering and sale of the Certificates in violation of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933; and Bank of America Corporation and NB Holdings Corporation (together, the “Bank of America Defendants”) are liable as successors-in-interest to certain of the Countrywide Defendants.

The Court held the Fairness Hearing on October 28, 2013, at 1:30 p.m., in Courtroom 12 at the United States District Court for the Central District of California, United States Courthouse, 312 North Spring Street, Los Angeles, California 90012. At this hearing, the Court considered whether the Settlement is fair, reasonable and adequate and should be approved, and also considered the proposed Plan of Allocation and the application of Plaintiffs’ Counsel for an award of attorneys’ fees and expenses. The Court also took into consideration any written objections filed in accordance with the instructions set forth in the Notice. On December 5, 2013 the Court granted Final Approval of the Class Action Settlement, Plan of Allocation of Settlement Proceeds, and Request for an Award of Attorneys’ Fees and Expenses.