NEW YORK -- Bank of America Corp. is facing a new lawsuit filed by a group of shareholders of mortgage giant Countrywide Financial Corp., which the bank bought in 2008.
The group of investors, which include BlackRock funds, T. Rowe Price Group Inc., TIAA-CREF and several pension funds including the California Public Employees' Retirement System had earlier rejected a $624 million settlement struck last year deal, saying the terms were inadequate. The lawsuit accused Countrywide of misleading shareholders about its finances and lending practices.
Blair Nicholas, a partner at the law firm Bernstein Litowitz Berger & Grossmann, representing the investors said they will present their claims before a jury. Bank of America spokesman Lawrence Grayson said: "We intend to vigorously defend these claims."