Court Grants Unopposed Motion for Class Certification in $2.5 Billion Countrywide RMBS Lawsuit

On November 29, 2011, Judge Mariana R. Pfaelzer of the Central District of California issued an order certifying a class of Countrywide Financial Corp. investors in an action alleging that Countrywide made misrepresentations in connection with the sale of certain RMBS. On September 30, 2011, the plaintiffs and defendants stipulated to a proposed class that was consistent with the Court’s rulings on various motions to dismiss, which had significantly narrowed the scope of the potential class plaintiffs originally sought to represent. The Iowa Public Employees’ Retirement System was named lead plaintiff on behalf of a class of purchasers of eight different tranches of Countrywide RMBS. Order.