Countrywide Lending has reached a preliminary settlement to settle shareholder lawsuits for $600 million dollars. The lawsuits stemmed from alleged loosening of lending standards as the mortgage crisis began to unfold.
Under the terms of the settlement, a number of members of the board would be cleared from any wrongdoing. The company is currently being sued by the SEC, and a number of states. The Department of Justice and the California Attorney General are also investigating the company.