Brown Rudnick Announces Settlement Reached in Lawsuit Regarding Countrywide's Series B Floating...

Friday October 10, 1:01 pm ET Countrywide agrees to commence tender offer for the Debentures NEW YORK--(BUSINESS WIRE)--Brown Rudnick LLP, a premier international law firm, today announced that The Bank of New York Mellon (the “Trustee”), solely in its capacity as Indenture Trustee, and Countrywide Financial Corporation (“Countrywide”) settled their ongoing litigation filed in the Delaware Chancery Court. Under the settlement agreement, Countrywide has agreed to commence a tender offer for Countrywide’s Series B Floating Rate Convertible Senior Debentures Due 2037 on or before October 20, 2008. The purchase price for the tender offer will be $980 per $1,000 principal amount of bonds, plus accrued interest. Upon commencement of the tender offer, the Trustee has agreed to dismiss the pending lawsuit. Two billion dollars... [read full story]