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California, Illinois AGs Sue Countrywide; Shareholders Approve Merger Anyway

Jun 25, 2008By

As shareholders gathered in Calabasas, Calif. on Wednesday for a key vote over Bank of America’s proposed takeover of Countrywide Financial Corp. [stock CFC][/stock] — eventually approving the merger by a wide margin — two state Attorneys General said they had sued Countrywide over alleged unfair and deceptive conduct. California AG Edmund Brown and Illinois AG Lisa Madigan became the latest to pile on legal liabilities to the nation’s largest lender and servicer, with separate lawsuits filed just ahead of the key shareholder vote.

3d rendering of a row of luxury townhouses along a street

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