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Countrywide Financial Corp. ERISA Litigation

This website for Alvidres v. Countrywide Financial Corp., et al., will provide you with information regarding the case and updates regarding the distribution of settlement funds to class members.  

For information regarding your individual share of the Net Settlement Fund, please call 1.866.759.6519.  You will need to provide your reference number shown on the first page of your letter from Bank of America.  

For answers to Frequently Asked Questions regarding the settlement distribution, please visit www.legacycountrywideplanresolution.com.   

The Settlement 

On August 24, 2009, the Hon. John F. Walter granted preliminary approval of the Settlement. As part of the Settlement, the Defendants agreed to pay the sum of $55,000,000 (fifty-five million dollars) in cash from available insurance policies for the benefit of the following Settlement Class:

All current and former Participants in, beneficiaries of, and alternate payees of, the Countrywide Financial Corporation 401(k) Savings and Investment Plan, as amended and restated effective January 1, 2007, and any amendments thereto and all successor plans and any trust created under the foregoing plan (the "Plan") for whose individual accounts the Plan included investments in Countrywide stock and/or the Countrywide Stock Fund at any time between January 31, 2006 to July 1, 2008 (the "Class Period"). Included in the Class are any beneficiaries of Participants (including spouses of deceased persons who were Participants of the Plan), and representatives or successors-in-interest to a Participant. Excluded from the Class are Defendants and Defendants' Immediate Family.  

At the Fairness Hearing held on November 16, 2009, the Court approved the Settlement and the Plan of Allocation.  The Court also issued its Order granting Plaintiff's Motion for Attorneys'Fees, Costs, and Class Representative Compensation.  The appeals deadline in this matter was December 16, 2009, after which the Settlement became Final.  

Copies of the following documents are available through this website:  

The Litigation  

The Countrywide Financial Corporation ERISA litigation began during the summer and fall of 2007 with the filing of numerous complaints, all of which were all dismissed by the court except Alvidres v. Countrywide Financial Corp. A copy of the Second Amended Complaint which sets forth the conduct that Plaintiffs alleged can be found here:  

If you have questions regarding the litigation and settlement of this case, you may contact Class Counsel at 1.800.776.6044, or by sending an email to countrywide401k@kellerrohrback.com.  

For information regarding your individual share of the Net Settlement Fund, please call 1.866.759.6519.  Please do not call Keller Rohrback, as we cannot assist you with questions regarding your individual share of the Settlement.


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