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New York Retirement Funds land $624 million settlement

A New York State retirement fund and five New York City retirement systems have tentatively settled with Countrywide Financial and KPMG for a reported $624 million, to resolve a federal class-action lawsuit accusing the mortgage lender of violating securities law by making misstatements and omitting material facts about underwriting risky loans.  Not a bad outcome for those systems!

In the wake of the financial meltdown, which hit our pension fuds across the U.S. & Canada pretty hard, this has increasingly become a viable option.  More info on these claims in future posts.


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