Labaton Sucharow LLP Provides Summary Notice of Pendency and Proposed Settlement of Countrywide Securities Class Action and Fairness Hearing

NEW YORK, Aug. 23 /PRNewswire/ -- To: All persons who purchased or otherwise acquired Countrywide Financial Corporation ("Countrywide") common stock, call options, 6.25% Subordinated Notes Due 5/16/2016, Series A and B Medium-Term Notes, certain Series L and M Medium-Term Notes, and Countrywide Capital V 7% Capital Securities, or who sold Countrywide put options, between March 12, 2004 and March 7, 2008, inclusive.

You are hereby notified, pursuant to an Order of the United States District Court for the Central District of California, that a hearing will be held before the Honorable Mariana R. Pfaelzer, United States District Judge, on November 15, 2010 at 1:00 p.m. in Courtroom 12 of the United States Courthouse, 312 North Spring Street, Los Angeles, California 90012, for the purpose of determining, among other things, (i) whether the proposed Settlement of this Action for $624 million in cash is fair, reasonable, and adequate and should be approved; (ii) whether, thereafter, this Action should be dismissed with prejudice as against the Defendants as set forth in the Amended Stipulation and Agreement of Settlement dated as of June 29, 2010; (iii) whether the Plan of Allocation of the Net Settlement Fund is fair and reasonable and should be approved, and (iv) the reasonableness of an application of Plaintiffs' counsel for the payment of attorney's fees and expenses, with interest, incurred in connection with this Action.  The Court has reserved the right to reschedule the hearing from time to time without further notice.

If you purchased or otherwise acquired Countrywide stock, bonds, preferred securities, or call options, or if you sold Countrywide put options between March 12, 2004 and March 7, 2008, your rights may be affected by this Action and the settlement thereof.  If you have not received the detailed Notice of Pendency and Proposed Settlement of Class Action and Fairness Hearing (the "Notice") and Proof of Claim form, you may obtain them free of charge at www.CountrywideSecuritiesClassAction.com or www.labaton.com; by sending an e-mail to [email protected]; by calling the claims administrator toll-free at 877-465-4142; or by writing to Countrywide Financial Corporation Securities Litigation, c/o Rust Consulting, Inc., P.O. Box 2284, Faribault, MN 55021-2419.  You may also contact Plaintiffs' Lead Counsel directly: Joel H. Bernstein, Esq., Labaton Sucharow LLP, 140 Broadway, New York, NY 10005, 866-389-6343.

If you are a member of the Class and wish to share in the Settlement money, you must submit a Proof of Claim postmarked no later than February 14, 2011 establishing that you are entitled to recovery.  As further described in the Notice, you will be bound by any judgment entered in the Action, regardless of whether you submit a Proof of Claim, unless you exclude yourself from the Class, in accordance with the procedures set forth in the Notice, by no later than October 18, 2010.  Any objections to the Settlement, Plan of Allocation or attorney's fees and expenses must be filed and served, in accordance with the procedures set forth in the Notice, no later than October 18, 2010.

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE ABOUT THIS NOTICE.

DATED: August 2, 2010

BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE CENTRAL DISTRICT OF CALIFORNIA

CONTACT: Joel H. Bernstein of Labaton Sucharow LLP, +1-866-389-6343

SOURCE Labaton Sucharow LLP