Not on Countrywide's side UPDATE | Arkansas Blog

Thursday, May 15, 2008

Not on Countrywide's side UPDATE

Posted By on Thu, May 15, 2008 at 8:12 AM

I'd missed that the Arkansas Teacher Retirement System was the lead plaintiff in the shareholders lawsuit over the collapse of Countrywide Financial. Article doesn't say how big a bath ATRS took. A judge has ordered officers and directors to answer the complaint about insider trading and other mismanagement. Arkansas Business has order here.

UPDATE: I now have the figures on ATRS' investment in Countrywide. (I feel their pain. A mutual fund in which I have invested that is managed by a college friend of mine -- long a market beater -- has turned very sour the last couple of years. One of the fund's big losers was none other than Countrywide.)

As of Dec. 31, the System had 759,000 shares of Countrywide. They were worth $6.78 million. The shares had cost ATRS $22.5 million, a decline in value of almost $16 million.

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