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April 17 (Reuters) – Bank of America Corp has  reached a record $500 million settlement with investors who  claimed they were misled by its Countrywide unit into buying  risky mortgage securities.

house_auctionThe settlement requires the court approval, and is the  largest accord to date resolving a federal securities  class-action case over mortgage-backed securities, lawyers for  the plaintiffs said on Wednesday.

Investors had accused Countrywide and other defendants of  misrepresenting the risks of securities they sold between  January 2005 and November 2007.

Countrywide was at the time the largest U.S. mortgage  lender, and specialized in loans to people with weaker credit  histories or who could not fully document their ability to pay.

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