Countrywide Settles Three Shareholder Suits

New York Post (05/29/08)
Countrywide Financial Corp. has agreed to settle three shareholder lawsuits that challenged the company's sale to Bank of America Corp. Earlier this year, shareholders charged Countrywide directors with breaching their fiduciary duty by approving the proposed transaction on inadequate terms. In return for shareholders withdrawing their request for an order barring the sale, Countrywide will disclose details of the merger talks--including its initial $2 billion investment in non-voting convertible preferred securities--and has agreed to release the opinions of its financial advisers. The sale to Bank of America remains on track for a July completion.