Countrywide Financial Corp.

Countrywide Financial Corp. NYSE: CFC has been accused of securities fraud. If you are a current or former employee or are a member of any of Countrywide Financial Corp. investment plans or profit sharing retirement plans you may be included in this possible Countrywide Financial Corp. 401K or Employee Retirement Income Security Act (ERISA) class action.

401(k) lossesIf you purchased or held Countrywide Financial Corp. stock in one of those plans during the periods October 24, 2006 to August 9, 2007, you may have a claim.

The company is being investigated as to whether Countrywide Financial Corporation 401(k) Savings and Investment Plan imprudently invested in the Countrywide Financial Corporation common stock fund and whether Countrywide properly disclosed information about that fund.

Under ERISA, Countrywide Financial Corp. employees can file a lawsuit against the company for putting stock options at risk. Countrywide Financial Corp. employees have a claim if they can prove their employer violated its fiduciary duty to its employees. Fiduciary duty refers to a company's responsibility to the people who invest in it. If an employer puts the company's interest ahead of the investors', it has broken its fiduciary duty. A fiduciary is a person that exercises discretion over the management of plan assets or exercises discretionary control over the administration of the plan.

ERISA is a federal law that sets minimum standards for pension and health plans set up by private businesses. ERISA was designed to protect people who participate in employee benefit plans, including employees with stock options in a company. Stock options are a form of compensation in which employees are given the opportunity to purchase shares of the company stock at a certain price.

Countrywide Financial Corp. Articles

Customers Sue Countrywide Financial for Unfair Pricing
Two couples in California are suing Countrywide Financial Corp., a home and mortgage lender, because they claim the company made agreements with appraisers to try and beat the sinking housing market by inflating the prices paid for homes.

Why your 401k or ERISA Plan in Countrywide Securities may still be at Risk
Countrywide Financial Corp. found some fresh money last week to help it weather the crisis in the secondary lending market, allowing stakeholders in the company, such as those with mortgage investments or 401k plans, or Countrywide's own employees with ERISA plans, to breathe a sigh of relief. The source of the new money was a $2 billion investment Bank of America made August 22 to buy Countrywide shares.

Countrywide Financial Corp. in the News

SEP-13-07: Shares in Countrywide Financial have lost more than half their value over the summer. Recently, a lawsuit was filed on behalf of employees who claim the company did not warn them about the depth of its financial troubles. [FORBES: COUNTRYWIDE]

SEP-12-07: A lawsuit filed against Countrywide Financial Corp. alleges employees suffered losses in their 401(k) accounts because the company did not warn them about its financial troubles. The suit seeks class action status on behalf of Countrywide employees. [NEWS: COUNTRYWIDE ERISA]

Register your Countrywide Financial Corp. 401K / ERISA Complaint

If you have suffered from Countrywide Financial Corp. 401K plan losses, you may qualify for damages or remedies that may be awarded in a possible Countrywide Financial Corp. ERISA class action lawsuit. Please fill in our form on the right to submit your complaint and a lawyer will review your ERISA complaint.

Maybe it's your stockbroker
Last updated February 10 2008

Add Your Comment on This Issue

Please read our comment guidelines before posting.

Note: Your name will be published with your comment.

Your email will only be used if a response is needed.

Request Legal Help