LOUISVILLE, Ky. -- A federal judge has given preliminary approval to a settlement between Countrywide Financial Corp., and millions of customers whose detailed financial information was exposed in a security breach.
Under the terms of the settlement, Countrywide, now owned by Bank of America in Charlotte, N.C., would give up to 17 million people whose information was exposed during the security breach free credit monitoring. That group includes anyone who obtained a mortgage and anyone who used Countrywide to service a mortgage before July 1, 2008.
The settlement entitles a person to up to $50,000 in reimbursements from Countrywide per instance of identity theft, provided they actually lost something of value, were not reimbursed and it is more likely than not that the theft stemmed from Countrywide.
Shirley Norton, a spokeswoman for Bank of America, said that the settlement is "in the bank's best interest" to avoid additional legal expenses.
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