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Bankruptcy Judge Rejects Countrywide Settlement Offer-Reuters

Last Update: 8/15/2008 11:39:44 AM

DOW JONES NEWSWIRES

A $325,000 payment proposal by Countrywide Financial Corp. to settle claims over
its lending practices was rejected Thursday by a federal bankruptcy judge,
Reuters reported. The offer by the housing lender, now part of Bank of America
Corp. (BAC), made to a bankruptcy trustee, was intended to cover costs and settle
litigation in 293 cases. In reviewing the settlement proposal, Judge Thomas
Agresti, of the U.S. Bankruptcy Court in Pittsburgh said he saw “no real impetus”
to complete a deal. An Oct. 2 status conference was ordered.

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Technorati Tags: Agresti, Bank Of America, Bank Of America Corp, Bankruptcy Court, Bankruptcy Trustee, Countrywide Financial, Countrywide Financial Corp, Dow Jones, Federal Bankruptcy Judge, Impetus, Judge Thomas, Litigation, Payment Proposal, Reuters, Settlement Proposal