Always on Friday and Always at 5PM.
Reuters-
A federal judge has granted final approval to Bank of America Corp’s (BAC.N) record $500 million (305.77 million pounds) settlement with investors who claimed they were misled by the bank’s Countrywide unit into buying risky mortgage debt.
In a decision made public on Friday, U.S. District Judge Mariana Pfaelzer in Los Angeles called the accord fair, reasonable and adequate. She also awarded the investors’ lawyers $85 million of fees plus $2.98 million for expenses.
Investors, including several public and union pension funds, had accused Countrywide of misleading them in offering documents between 2005 and 2007 about the quality of home loans underlying the securities they bought.
[REUTERS]
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