Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, 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.

http://lawprofessors.typepad.com/securities/2007/10/countrywide-ceo.html

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