April 17 (Reuters) - Countrywide Financial Corporationþsettled a mortgage-backed securities lawsuit with its investors,led by the Iowa Public Employees' Retirement System, for $500þmillion.þþIf approved by the U.S. District Court in the centralþdistrict of California, the settlement will bring an end to theþlawsuit that was filed in 2010 by multiple retirement fundsþagainst Countrywide for allegedly selling mortgage backedþsecurities that were downgraded to junk bond status in 2008.þþCountrywide Financial was acquired by Bank of Americaþin 2008 at the height of the financial crisis. It wasþone of the largest subprime mortgage lenders in the UnitedþStates.þ
Source: Chicago Tribune
