A number of employees participating in Countrywide Financials's 401 (k) plan filed Tuesday in Santa Ana a class-action lawsuit, alleging that illegal actions by the company caused thousands to lose millions of dollars during the recent stock collapse, according to a news release from the law firm representing the claimants.

The suit presented by Seattle-based Hagens Berman Sobol Shapiro alleges that Countrywide CEO Angelo Mozilo certified financial statements he knew were misleading in an attempt to cover the high-risk subprime loans his company was selling...

Subscribe to get the full story.

Are you a subscriber? Sign In