BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise...

BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? Some Countrywide Financial Corp. employees sued the mortgage lender Wednesday, claiming they suffered heavy losses in their 401k retirement accounts after the company failed to warn them about the depth of its financial troubles. The lawsuit, filed in U. S. District Court in Santa Ana, seeks class-action status and names as defendants Countrywide Chairman and Chief Executive Angelo Mozilo and benefits committee members in charge of the retirement plan, according to attorney Steve Berman, who is representing the plaintiffs. He said employees decided how much of their salary to set aside in their retirement plan based in large part on their understanding of the company's financial health. 'Most of these employees weren't risk-takers, rather claims processors and line staff who go to work every morning, putting a little away every month for retirement, or to finance a child's education,' Berman said in a statement. 'With Countrywide's demise, they've seen their retirement funds decimated,' he said. The lawsuit claims Countrywide employees lost millions of dollars in retirement savings. It seeks unspecified compensatory damages. Is this another one of those unfortunate consequences of reaping what one sows? For those who missed it, here is Part 1: However you feel about it, employees and companies both ought to have known better especially in the wake of the collapse of. Simply put, it is often a serious mistake to put your retirement basket heavily in the stock of the company where you are employed. If you voluntarily do so, a company failure of any kind may cost you your job as well as a significant portion of your retirement. This is a very tough lesson to learn the hard way, especially for the innocent bystanders who did not realize what Countrywide was doing. The content on this site is provided as general information only and should not be taken as investment advice. All site content, including advertisements, shall not be construed as a recommendation to buy or sell any security or financial instrument, or to participate in any particular trading or investment strategy. The ideas expressed on this site are solely the opinions of the author(s) and do not necessarily represent the opinions of sponsors or firms affiliated with the author(s). The author may or may not have a position in any company or advertiser referenced above. Any action that you take as a result of information, analysis, or advertisement on this site is ultimately your responsibility. Consult your investment adviser before making any investment decisions.