Bank of America (NYSE:BAC) Moves Out of Shadow of Countrywide, California Lawsuit

Every little bit helps for Bank of America (NYSE:BAC) when it comes to shadows weighing on the company, and that's the case with two former Countrywide executives who settled a State of California lawsuit against them.

Former Countrywide Chief Executive Officer Angelo Mozilo and former Countrywide President David Sambol reportedly have reached a settlement with the State of California for $6.55 million, according to a document released from the attorney general of the state.

While the events surrounding the allegations happened before Bank of America took over Countrywide, it was high profile in a number of regions of the country, and stained BofA at a time when they need wins for the company and as clean as slate as they can operate under in the current economic environment.

Per the settlement document, Mozilo and Sambol continued to deny the allegations in the lawsuit and that they hadn't "violated the law in any way."

Bank of America closed Thursday at $14.43, up $0.19, or 1.33 percent.