Mass. pension fund getting $11 million from Countrywide

BOSTON – The state pension fund will receive $11.3 million this week as part of a settlement with Countrywide Securities Corp., Attorney General Martha Coakley announced. More

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Mass. pension fund getting $11 million from Countrywide

Posted 1/6/14

BOSTON – The state pension fund will receive $11.3 million this week as part of a settlement with Countrywide Securities Corp., Attorney General Martha Coakley announced.

The case is part of Coakley’s industrywide review of residential mortgage securitization practices in Massachusetts, according to a statement.

The settlement with the company includes a total payment of $17.3 million, including the $11.3 million to compensate government investors with the Pension Reserves Investment Management Board, as well as an additional $6 million paid as a fine to the commonwealth.

In addition to the payment provided to board, the state pension fund can expect to receive another $7 million by early 2014 as a result of the AG’s recent settlement with JPMorgan announced last month. •

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