DES MOINES, Iowa — The retirement fund for Iowa state employees will get a share of a $500 million proposed settlement in a lawsuit against Countrywide Financial Corp. and other companies that bundled securities backed by defective home mortgages.

The Iowa Public Employees' Retirement System leads a group of retirement funds from Oregon; Orange County, Calif.; and the United Methodist Church. In 2010 they sued Countrywide and others alleging securities fraud.

Attorneys representing the retirement funds said Wednesday a settlement agreement has been reached with Bank of America, which acquired Countrywide in 2008. It must be approved by a California federal judge. The amount each group will get hasn't been decided.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.