Countrywide employee file class action lawsuit

Angelo Mozilo in his orange jumpsuit

Countrywide Financial Faces Class Action Citing ERISA Violations

SANTA ANA, Calif., Sept 11, 2007 /PRNewswire via COMTEX/ -- Countrywide Financial Corp. employees participating in the company's 401(k) plan today filed a class-action lawsuit against the company, its CEO and all those responsible for overseeing the employees' retirement plan, claiming the organization's illegal actions caused thousands of 401(k) plan participants to lose millions of dollars during the recent stock collapse.

Filed in Federal Court in Santa Ana, California, the suit seeks to represent all Countrywide employees who lost millions of dollars in the company-matched 401(k) plan after the mortgage company's stock plummeted when the depths of the company's financial situation became clear.

The suit alleges that while CEO Angelo Mozila and the insider-appointed benefits committee members had a fiduciary responsibility to warn employees of the company's precarious financial health, they intentionally concealed information from plan participants. READ ON

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