Friday, January 25, 2008

New York City Sues Countrywide's Underwriters for Allegedly Helping the Home Lender Defraud Investors.

New York's city and state comptrollers and their pension funds have sued Goldman Sachs Group Inc., Citigroup Inc., JPMorgan Chase & Co. and 23 more underwriters of Countrywide Financial Corp. for allegedly helping the home lender defraud investors.

The state and city pension funds' combined losses due to Countrywide's declining stock price were as much as $100 million, according to City Comptroller William Thompson Jr.

``Investors lost millions and New Yorkers lost their homes,'' New York State Comptroller Thomas DiNapoli said in a statement. ``We need to recover the pension fund's losses and find a way to help all those families.''

Click here for full article.


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