Conseco Agrees to Settlement In Shareholder Class Action

You must submit the settlement "Proof" form attached below, in order to participate in this settlement. There is a strict deadline of March 23, 2011 by which all claims must be submitted. The instructions for submitting are included in the "Proof" and the "Notice" files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, FOLLOW THE DIRECTIONS IN THE "PROOF".

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Company Name(s): 
Conseco
Case Name: 
Conseco Class Action 03/20/2009
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: CNO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/20/2009
Class Period Begin: 
04/24/2001
Class Period End: 
08/09/2002
Court of Filing: 
U.S. District Court for the Southern District of Indiana
Date Settled: 
02/17/2011
Settlement Amount: 
$41,465,000
Deadline to Participate in Settlement: 
03/23/2011
Settlement Notice: 
application/pdf iconnotice_conseco_2010.pdf
Settlement Proof: 
application/pdf iconproof_conseco_2010.pdf
Summary: 

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.