Today, a federal judge approved a settlement between David Sambol, former President of Countrywide, and the U.S. Securities & Exchange Commission regarding claims made by the S.E.C. Below is the statement of Walter Brown, a partner with Orrick, Herrington & Sutcliffe LLP and Mr. Sambol's counsel, regarding the settlement.
"Mr. Sambol has agreed to settle the S.E.C. lawsuit and put the matter behind him for the benefit of his family and loved ones. Notably, in connection with the lawsuit's resolution, Countrywide Financial Corporation will pay the entire disgorgement amount prescribed in the settlement on Mr. Sambol's behalf. While the agreement with the S.E.C. prevents him from discussing the case, it makes clear that Mr. Sambol does not admit to any of the S.E.C.'s assertions."
Contacts:
Press:
Orrick, Herrington & Sutcliffe LLP
Walter
Brown, + 1 415-773-5995
wbrown@orrick.com