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Retirement plan for Countrywide employees: Sue
Employees at struggling mortgage lender Countrywide say they were kept in the dark about the company's troubles, and now they're taking action. A lawsuit filed against the company this week claims its financial problems have hit workers' 401K accounts hard and that Countrywide stock continued to be offered as an investment option when it was no longer prudent. The suit claims the retirement plan lost hundreds of millions of dollars. Countrywide last week announced plans to lay off around 12,000 workers.
Posted on September 13, 2007 6:41 AM PT | Permalink
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