Conseco Agrees to Settlement In Shareholder Class Action
October 2010 - If you purchased or acquired Conseco, Inc. common stock between April 24, 2001 and August 9, 2002, you could receive a payment from a class action settlement. A settlement fund has been established in the amount of $41,465,00 in cash. The Court will hold a Settlement Hearing on February 17, 2011, in Indianapolis, Indiana. At this hearing, the Court will consider whether the Settlement is fair, reasonable and adequate.
March 2009 - A class action was filed that alleges violations of the Federal Securities Laws against Defendants. Defendants Gary Wendt, Charles Chokel, William Shea and James Adams were Conseco’s CEO and three senior executives at Conseco during the class period. Conseco was a publicly traded Insurance and Finance company based in Carmel, Indiana. During the Class Period, Conseco common stock traded on the New York Stock Exchange (NYSE) under the ticker symbol “CNC.”The Plaintiffs allege that, during the Class Period, Conseco’s stock price was artificially inflated as a result of untrue or materially misleading statements concerning, inter alia, the affect of Conseco Inc.’s and CFC’s improper loss mitigation techniques on loan delinquency rates and the value of interest only securities, corporate guarantee exposure on certain B-2 tranche securities, the disclosure of and the accounting for guarantees made by Conseco Inc. in connection with its Directors and Officers loan program, and the reporting of CFC’s loan servicing revenues and costs. Plaintiffs further contend that Defendants made these statements knowing them to be false or misleading, or recklessly disregarding their false or misleading natures, and that investors suffered injury as a result of the alleged inflation.