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"Oregon Treasurer Ted Wheeler and Attorney General John Kroger today announced a securities lawsuit against Countrywide Financial Corp. to recover losses to the state pension and workers’ compensation funds caused by false statements that improperly inflated the prices of Countrywide’s stock and bonds.
A class action lawsuit previously reached a settlement with Countrywide that may have netted the state less than $500,000 on $14 million in losses. So Treasurer Wheeler and Attorney General Kroger decided it was in the state’s best interest to opt out and file their own lawsuit.
“It is time to foreclose on Countrywide’s effort to pay so little for costing Oregonians so much,” said Treasurer Wheeler, who sits on the Oregon Investment Council and has a fiduciary duty to protect public assets and maximize the returns for beneficiaries of trust funds including the Oregon Public Employees Retirement Fund."
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This is a good example of why I maintain class actions are not the way to go.
Ed Cage | firstname.lastname@example.org