Dollars and Jens
Thursday, September 13, 2007
Countrywide Lawsuit
A lawsuit filed against Countrywide Financial Corp. on behalf of its employees claims the mortgage lender failed to warn its employees about the depth of its financial troubles, resulting in heavy stock losses in their 401k retirement accounts.
The poor dears wanted to engage in insider trading and management didn't help them out. Or is there some other way to interpret that?

I assume there will be at least an attempt at a shareholder class-action suit, just as a matter of tradition. But forming a class out of only employee shareholders is new to me.

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