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    • In re Countrywide Financial Corporation Securities Litigation

    Apr. 2, 2011
    Verdicts and settlements
    Sign up for Daily Journal emails
    Securities
    Breach of Fiduciary Duty
    Class Action

    In re Countrywide Financial Corporation Securities Litigation

    Published: Apr. 2, 2011 | Result Date: Mar. 4, 2011 | Filing Date: Jan. 1, 1900 |
    Case number: 2:07-cv-05295-MRP-MAN Settlement –  $601,500,000

    Court

    USDC Central


    Attorneys

    Plaintiff

    Blair Nicholas

    Lawrence A. Sucharow

    Mark I. Labaton

    Nicholas J. Licato

    Ramzi Abadou
    (Kahn, Swick & Foti LLP)

    Elizabeth P. Lin

    John B. Bockwoldt

    Jonathan M. Plasse

    Sean M. Handler

    Michael H. Swartz
    (Winston & Strawn LLP)

    J. Michael Hennigan
    (McKool Smith Hennigan PC)

    Kirk D. Dillman
    (McKool Smith Hennigan PC)

    Joel H. Bernstein

    Craig A. Martin

    Michael H. Rogers
    (Labaton Sucharow LLP)

    Jeffrey P. Campisi
    (Kaplan, Fox & Kilsheimer LLP)

    Aviah C. Pierson

    Gregg M. Fishbein

    Lloyd Donders

    David J. Goldsmith
    (Labaton Sucharow LLP)

    Stefanie J. Sundel

    David R. Scott

    Arthur L. Shingler III

    Lori S. Brody

    Joel B. Strauss
    (Kaplan, Fox & Kilsheimer LLP)

    Richard A. Lockridge

    Lindsay R Cantor

    Joshua L. Crowell
    (Office of the Los Angeles City Attorney)

    Michael Markunas

    Ira A. Schochet

    Jeffrey A. Klafter
    (Klafter, Olsen & Lesser LLP)

    Kurt B. Olsen

    Karen H. Riebel
    (Lockridge, Grindal & Nauen PLLP)

    Gretchen M. Nelson
    (Nelson & Fraenkel LLP)


    Defendant

    Steven D. Atlee
    (Park & Velayos LLP)

    Brian E. Pastuszenski

    Stacey S. Baron

    Nicolas Morgan
    (Paul Hastings LLP)

    Jeffrey B. Coopersmith
    (Orrick, Herrington & Sutcliffe LLP)

    Peter B. Morrison
    (Skadden, Arps, Slate, Meagher & Flom LLP)

    Virginia F. Milstead
    (Skadden, Arps, Slate, Meagher & Flom LLP)

    Keith H. Fichtelman
    (Nelson, Comis, Kettle & Kinney LLP)

    William F. Sullivan
    (Paul Hastings)

    Michael T. Jones
    (Goodwin Procter LLP)

    Inez H. Friedman-Boyce

    Jeffrey M. Rosenfeld
    (Kronenberger Rosenfeld LLP)

    Brian R. Blais

    Lindsay R. Pennington

    Lori Lynn Phillips

    Michael D. Torpey
    (Orrick, Herrington & Sutcliffe LLP)

    Daniel P. Lefler

    Joshua G. Hamilton
    (Latham & Watkins LLP)

    Pamela K. Graham
    (Colantuono, Highsmith & Whatley PC)

    John O. Farley

    Jeffrey A. Simes

    Gwyn D. Quillen

    James L. Sanders
    (Reed Smith LLP)

    Charles J. Ha

    James A. Meyers

    Randall L. Jackson

    Judson E. Lobdell
    (Morrison & Foerster LLP)

    Bruce R. Braun

    Lloyd Winawer
    (Bergeson LLP)

    Kyle A. Wombolt

    Steven M. Cady
    (Williams & Connolly LLP)

    Beth A. Stewart

    David Siegel
    (Irell & Manella LLP)

    Eric J. Carsten

    Jaime W. Marquart

    Gerald E. Hawxhurst
    (Hawxhurst LLP)

    Alexis L. Shapiro

    Brian C. Devine

    Francisca M. Mok
    (Reed Smith LLP)

    David A. Priebe
    (DLA Piper LLP)

    Shirli F. Weiss
    (DLA Piper LLP)

    Jonathan C. Dickey

    Eric S. Waxman

    Jordan D. Eth
    (Morrison & Foerster LLP)

    Lisa E. Stone

    Todd E. Gordinier

    Edward S. Kim
    (Gordinier, Kang & Kim LLP)

    Brien T. O'Connor

    Brendan V. Sullivan Jr.

    Penelope A. Graboys Blair

    Michael C. Tu
    (Cooley LLP)

    Victor L. Hou

    Mitchell A. Lowenthal

    Scott P. Glauberman

    Blake E. Williams

    John W. Rissier

    Thad A. Davis
    (Gibson, Dunn & Crutcher LLP)

    Alexander K. Mircheff
    (Gibson, Dunn & Crutcher LLP)

    Christopher Lanese

    Iian D. Jablon

    T. Scott Vick
    (Vick Law Group APC)

    Christopher G. Caldwell
    (Caldwell Hammer LLP)

    Stuart M. Glass

    Matthew G. Lindenbaum

    Jane H. Bu

    Eva C. Carman

    David D. Aufhauser

    Dean J. Kitchens

    Thomas A. Zaccaro
    (Hueston Hennigan LLP)

    Eleanor K. Mercado
    (Paul Hastings LLP)

    Andrew A. Esbenshade

    David C. Codell


    Facts

    A class action was filed against Countrywide Financial Corp., now part of Bank of America Corp., which alleged that the company misled its investors about its financial condition and lending practices, and also for failing to disclose the extent of subprime loans that the company held.

    Some institutional investors, including institutional shareholders such as the California Public Employee's Retirement System, Teachers Retirement System of Texas, and Black Rock Investment Management LLC, have decided to opt out, which would enable them to sue Bank of America separately.

    Result

    A federal judge approved a $601.5 million settlement of the class action.


    #115846

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