Insight and Intelligence on the London & International Insurance Markets

9 February 2012

KPMG, Countrywide agree giant subprime settlement

10 May 2010

Accounting firm KPMG and Countrywide Financial - the subprime mortgage lending giant acquired by Bank of America - have together agreed to pay former investors $624mn in one of the largest settlements in US history.

Under the proposal, Countrywide would separately pay plaintiffs the New York State Common Retirement Fund and the five New York City public pension funds $600mn, while KPMG would pay $24mn.

The combined recovery is "the largest subprime-related securities suit settlement to date", according to Kevin...

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