October 31, 2007
Countrywide CEO Sued Over Stock Repurchases
A pension fund filed a shareholders derivative suit against Countrywide Financial CEO and 13 current and former directors in California. The suit alleges that the corporation repurchased $2 billion of its shares in order to allow executives to sell $842 million of their personal holdings at inflated prices from April to October 2007. NYTimes, Pension Fund Sues Countrywide Officers.
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