Massachusetts Pension Reserves Investment Management Board, Boston, will receive $11.3 million Monday as part of a settlement with Countrywide Securities Corp., a division of Countrywide Financial Corp., confirmed Brad Puffer, a spokesman for Massachusetts Attorney General Martha Coakley.
The settlement is the result of the attorney general's ongoing investigation of residential mortgage securitization practices in the state. In addition to paying $11.3 million to compensate government investors with the $53.9 billion state pension fund, CSC must also pay an additional $6 million to the state of Massachusetts.
MassPRIM is also expecting to receive another $7 million by early 2014 as a result of Ms. Coakley's recent settlement with J.P. Morgan Chase that was announced last month.
