Bank of America has agreed to pay $600 million to settle several class action lawsuits filed by Countrywide Financial Corp. shareholders over the lender's subprime program, according to a report in The Los Angeles Times.

U.S. District Judge Mariana Pfaelzer in Los Angeles Monday gave preliminary approval for the settlement. Countrywide's outside auditor, KPMG LLP, agreed to pay an additional $24 million as part of the settlement, the newspaper reported.

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