Court should strike Countrywide settlement, FDIC says

10/9/2013 | Bloomberg

The Federal Deposit Insurance Corp., in its capacity as receiver for 19 failed banks that owned Countrywide securities, is asking a judge to reject a proposed $500 million class-action settlement between Bank of America's Countrywide unit and investors in devalued mortgage-backed securities. The FDIC says the agreement would pay too little to claimants.

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