Press Release April 19, 2013

Goodwin Procter Acts as Lead Counsel in Countrywide RMBS Litigation

Bank of America announced on April 17, 2013 that a settlement in principle has been reached in class action litigation concerning residential mortgage-backed securities (RMBS) issued by subsidiaries of Countrywide Financial Corporation, prior to Countrywide’s acquisition by Bank of America in 2008.  For more information, see Bank of America’s First-Quarter 2013 Press Release. The $500 million settlement resolves claims concerning a total of 429 RMBS offerings with an original principal balance exceeding $350 billion, and is subject to final court approval.

Goodwin is lead counsel for Countrywide in these matters (Luther, Maine State and Western Teamsters).  Over the more than five years since the first of these suits was filed in November 2007, Goodwin achieved numerous procedural victories in both state and federal court.  (See “Bank of America Comments on Court Ruling” (Bank of America Press Release, November 5, 2010) and court ruling dismissing claims in Maine State Ret. Sys. v. Countrywide Fin. Corp., 2011 WL 4389689 (C.D. Cal. May 5, 2011).)

The Goodwin team was led by Securities Litigation & SEC Enforcement Practice co-chair Brian E. Pastuszenski.  Other team members included partners Inez Friedman-Boyce, Brian C. Devine and Daniel P. Roeser.