Countrywide Financial Sued Over 401(k) Plans

Law360, New York (September 13, 2007, 12:00 AM EDT) -- Employees of mortgage lender Countrywide Financial Corp. have filed a class action lawsuit against the company alleging that it mismanaged their 401(k) plans, according to a statement released by the workers' counsel on Wednesday.

The plaintiffs say that the company invested workers' pensions in its own stock, even as its finances declined, causing workers' stock to plummet in value. The company did not provide workers with accurate information about their pensions and failed to “monitor the performance” of those responsible for the plan, according to the...
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