The second time was the charm for parties seeking to settle class action litigation in Delaware arising from Countrywide Corp.’s merger with Bank of America; after rejecting the settlement in March, the Court of Chancery approved an amended agreement on Aug. 24.
Vice Chancellor John W. Noble earlier declined to approve the settlement in the case In re Countrywide Corp. Shareholder Litigation because it did not preserve common law fraud claims belonging to SRM Global Fund LP, a hedge fund that was a substantial investor in Countrywide, courts documents showed.
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