Economy | Local

Oregon To Get Share Of Settlement In Securities Case

AP | April 18, 2013 1:01 p.m. | Updated: April 23, 2013 3:48 p.m.

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AP

State officials say Oregon will get part of a proposed national settlement of litigation against a major mortgage lender.

The state said its public pension fund lost $29 million because of the dealings of Countrywide Financial Corp. and its financial underwriters.

In a press release, Treasurer Ted Wheeler and Attorney General Ellen Rosenblum said they hope in negotiations to do better than the typical settlement in class-action securities cases: 10 cents on the dollar.

Pension funds alleged that Countrywide and financial underwriters misled investors into buying risky mortgage-backed securities.

Bank of America will pay the settlement, whose proposed total is $500 million. It acquired Countrywide in 2008.

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