Countrywide, Former Employees Settle Class Action Over Retirement Losses

A federal judge in Los Angeles has preliminarily approved a $55 million settlement between Countrywide Financial and its former employees, who were seeking compensation for losses to their retirement plans. It was the first ERISA action to settle with a mortgage lender since the recession began, according to Lynn Sarko, lead plaintiffs attorney in the case. The settlement includes attorney fees totaling up to 27.5 percent of the settlement fund.