04:25
societynews[dot] org
NEW YORK – Bank of America Corp. is facing a new lawsuit filed by a group of shareholders of mortgage giant Countrywide Financial Corp., which the Bank has purchased in 2008.
The Group of investors, including BlackRock funds, t. Rowe Price Group Inc., TIAA-CREF and other pension funds, including pension system for civil servants in California earlier had turned down a $ 624 million settlement that struck the deal last year, saying that the terms were inadequate. The lawsuit accused Countrywide of misleading shareholders about its finances and lending practices.
Nicholas Blair, a partner at the law firm Bernstein Litowitz Berger & Grossman, representing the investors said they will present their claims before a jury. Bank of America spokesman Lawrence Grayson said: "we intend to vigorously defend these claims".
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