Countrywide workers sue over retirement benefits
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LOS ANGELES - A lawsuit filed against Countrywide Financial Corp. on behalf of its employees claims the mortgage lender failed to warn them about the depth of its financial troubles, resulting in heavy stock losses in their 401(k) retirement accounts.
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Raymond James Financial Inc., a brokerage with 2,200 offices that&#39;s based in St. Petersburg, Fla., and the company&#39;s former president were sued by the Securities and Exchange
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Once a no-lose situation for both management and employees, defined-benefit pension plans are now threatening to cripple some US corporations.
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A class-action lawsuit filed yesterday in Middlesex Superior Court alleges that one of the largest roofing companies in Massachusetts withheld an estimated $1 million in overtime pay and regular wages from Brazilian workers over the last several months while paying the Americans who worked beside them higher wages and time-and-a-half when they logged more than 40 hours per week.
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Angelo Mozilo, under fire over the size of his potential payout from the sale of Countrywide, said he is forfeiting  severance pay, fees and perks he was scheduled to receive upon his retirement.
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LOS ANGELES - A former executive at mortgage lender Countrywide Financial Corp. was charged yesterday with insider trading after he sold stock before the company disclosed negative earning results three years ago, regulators said.
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NEW YORK  -New York City and state on Friday expanded a shareholder class-action law suit filed against top U.S. mortgage lender Countrywide Financial Corp , naming additional company officers and directors, 26 underwriters and two accounting firms as defendants.
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The home loan unit of Countrywide Financial Corp , the largest U.S. mortgage lender, is under investigation by Illinois' attorney general over dubious lending practices, The New York Times reported on Thursday.
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Countrywide Financial Corp ,  whose shares have tumbled amid worries about the largest U.S.  mortgage lender's survival prospects, on Wednesday said it made  more loans than it expected in the fourth quarter, though  homeowner foreclosures and delinquencies rose.
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The D.C. attorney general filed a lawsuit yesterday against Metropolitan Money Store Corp., hoping to recover lost home equity and prevent foreclosure for city residents who dealt with the Prince George's County-based mortgage company.
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US mortgage giant Countrywide Financial denies speculation it is about to file for bankruptcy protection.
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CtW Investment Group, a pension fund  advisory group affiliated with seven labor unions, said it sent  a letter to the board of Countrywide Financial Corp ,  urging it to ask for the resignation of Chief Executive Angelo  Mozilo, The Wall Street Journal said.
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SAN FRANCISCO (CBS.MW) -The United Steelworkers of America said Tuesday it sued to block temporarily Cooper Tire &amp; Rubber&#39;s planned sale of four automotive products plants.
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WASHINGTON -- The Supreme Court says individual participants in the most common type of retirement plan can sue under a pension protection law to recover their losses.
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Ailing ground zero workers are going to court to demand that the company overseeing a $1 billion Sept. 11 insurance fund uses it to pay for their health care.
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Barclays Capital, the investment banking arm of the UK banking giant, is being sued over claims it failed to properly manage a portfolio of bonds.
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The suit, filed against the National Education Association, reflects heightened concern among retirement plan participants that excessive fees are diminishing their savings and enriching financial services firms.