From the AP: Bank of
America has agreed to settle a
class-action lawsuit brought by investors who bought mortgage investments from
Countrywide Financial, the California-based lender it acquired in 2008. The
announcement came as the nation's second biggest bank reported higher net
income for the first quarter, but missed analysts' expectations.
Bank of America said Wednesday that it would pay $500 million to settle the lawsuit brought by the Maine State Retirement System and other pension funds who said Countrywide had misled them about the quality of the mortgages they bundled together and sold to investors before the crisis….