Countrywide Financial Corporation, once the nation’s largest mortgage lender, agreed on May 7 to pay $600 million to settle class action allegations that it misled investors about its risky lending practices. Countrywide’s former auditor, KPMG LLP , will pay an additional $24 million. The sum appears to be the largest securities class action settlement related to the subprime-mortgage crisis.
Under the settlement, Countrywide does not admit to any wrongdoing.
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