Bank of America has agreed to settle a lawsuit for $55 million brought by Countrywide employees who contended their employer violated its duty to protect their retirement accounts, according to court documents. The employees of Countrywide contended that Countrywide Financial Corp violated the Employee Retirement Security Act by not selling the company’s shares and withheld information about the company from pension participants. As previously reported, Countrywide was later taken over by Bank of America. The settlement was scheduled to go before U.S. District Court Judge John F. Walter of the Central District of California for a hearing to determine if the agreed upon settlement should be approved on August 31st.
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