Welcome to the Countrywide Mortgage-Backed
Securities Litigation Website
The purpose of this website is to inform you about a proposed Settlement of the following class action lawsuits: Maine State Ret. Sys. v. Countrywide Fin. Corp., et al., No. 2:10-cv-00302 MRP (MANx)(C.D.Cal.); Luther v. Countrywide Fin. Corp., et al., No. 2:12-cv-05125-MRP (MANx)(C.D.Cal.); and Western Conference of Teamsters Pension Trust Fund v. Countrywide Fin. Corp., et al., No. 2:12-cv-05122-MRP (MANx)(C.D.Cal.) (the “Actions”), and about your legal rights and options in connection with the Settlement. This website explains the Actions, the proposed Settlement, your legal rights, what benefits are available, who may be eligible for those benefits, and how to get them.
The Countrywide Mortgage-Backed Securities Settlement resolves lawsuits alleging that Countrywide Financial Corporation (“Countrywide” or the “Company”), Countrywide Home Loans, Inc., CWALT, Inc., CWMBS, Inc., CWHEQ, Inc., CWABS, Inc., Countrywide Capital Markets, and Countrywide Securities Corporation (collectively, the “Countrywide Defendants”); Stanford L. Kurland, David A. Spector, Eric P. Sieracki, David A. Sambol, Ranjit Kripalani, N. Joshua Adler, Jennifer S. Sandefur, Jeffrey P. Grogin, Thomas Boone and Thomas K. McLaughlin (collectively, the “Individual Defendants”); and Banc of America Securities LLC, Barclays Capital Inc., Bear, Stearns & Co. Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Edward D. Jones & Co., L.P. d/b/a Edward Jones, Goldman, Sachs & Co., Greenwich Capital Markets, Inc. a.k.a. RBS Greenwich Capital now known as RBS Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities Inc., Merrill, Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated, and UBS Securities LLC (collectively, the “Underwriter Defendants”) made misstatements and omissions in connection with the offering and sale of the Certificates in violation of Sections 11, 12(a)(2) and 15 of the Securities Act of 1933; and Bank of America Corporation and NB Holdings Corporation (together, the “Bank of America Defendants”) are liable as successors-in-interest to certain of the Countrywide Defendants.
The Court will review the proposed Settlement of the Actions at the Fairness Hearing to be held on October 28, 2013. If approved by the Court, the Settlement will provide a $500 million cash settlement fund to settle claims on behalf of all Persons who purchased or otherwise acquired the individual securities issued as part of the 429 Offerings at issue in the Actions (the “Certificates”) during the period March 12, 2004 through August 7, 2013 (the “Class”). The Settlement Amount, plus any interest earned on this amount, less any Taxes, Notice and Administration Costs, and attorneys’ fees and litigation expenses awarded by the Court (the “Net Settlement Fund”) will be distributed to eligible Class Members who submit valid Proof of Claim and Release forms pursuant to the plan of allocation approved by the Court. Please Note: As set forth in the proposed Plan of Allocation, only those purchases made from March 12, 2004 to October 16, 2008 are eligible to potentially recover from the Net Settlement Fund.
Please be sure to review the Notice to fully understand your rights. The 429 Offerings at issue in the Actions are available here, and a complete list of the Certificates issued as part of the Offerings are available here. If you are a member of the Class, your legal rights will be affected whether you act or do not act.
|YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT|
|SUBMIT A PROOF OF CLAIM FORM BY DECEMBER 15, 2013||The only way to be eligible to receive a payment from the Settlement.|
|EXCLUDE YOURSELF FROM THE CLASS BY SUBMITTING A REQUEST FOR EXCLUSION POSTMARKED NO LATER THAN OCTOBER 1, 2013||If you exclude yourself from the Class, you will not be eligible to receive any payment from the Settlement. This is the only option that potentially allows you to ever bring or maintain your own lawsuit against the Defendants and the other Released Parties, or to be part of another lawsuit, concerning the Settled Claims.|
|OBJECT TO THE SETTLEMENT BY SUBMITTING AN OBJECTION SO THAT IT IS RECEIVED BY OCTOBER 7, 2013||If you do not like the proposed Settlement, the proposed Plan of Allocation, and/or the request for attorneys’ fees and litigation expenses, you may write to the Court and explain why you do not like them. You cannot object to the Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and litigation expenses unless you are a Class Member.|
|GO TO A HEARING ON OCTOBER 28, 2013 AT 1:30 P.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN OCTOBER 7, 2013||Filing an objection and notice of intention to appear by October 7, 2013 allows you to speak in Court about the fairness of the proposed Settlement, the Plan of Allocation, and/or the request for attorneys’ fees and litigation expenses. If you submit an objection, you may (but do not have to) attend the hearing and speak to the Court about your objection.|
|DO NOTHING||If you are a member of the Class and you do not submit a Proof of Claim, you will not be eligible to receive any payment from the Settlement. You will, however, remain a member of the Class, which means that you give up your right to sue about the claims being resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Actions.|