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Wednesday, September 12, 2007

Countrywide workers sue over retirement plan



September 12 2007 Money.CNN.com
Some Countrywide Financial Corp. employees sued the mortgage lender Wednesday, claiming they suffered heavy losses in their 401k retirement accounts after the company failed to warn them about the depth of its financial troubles. The lawsuit, filed in U.S. District Court in Santa Ana, seeks class-action status and names as defendants Countrywide Chairman and Chief Executive Angelo Mozilo and benefits committee members in charge of the retirement plan, according to attorney Steve Berman, who is representing the plaintiffs. He said employees decided how much of their salary to set aside in their retirement plan based in large part on their understanding of the company's financial health.

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