January 25, 2008 / 8:44 PM / 11 years ago

NYC sues Countrywide officers, underwriters

The Countrywide bank is seen in Lakewood, Colorado September 11, 2007. REUTERS/Rick Wilking

NEW YORK (Reuters) - New York City Comptroller William Thompson on Friday expanded a class-action law suit filed against Countrywide Financial Corp CFC.N, naming additional company officers and directors, 26 underwriters and two accounting firms.

Thompson, in a statement, said executives of Countrywide Financial, one the biggest U.S. mortgage lenders, “cashed out to the tune of almost $700 million” while borrowers lost homes and the value of investors’ shares fell sharply.

“We will pursue every avenue to ensure that those who defrauded investors are held accountable for their actions,” said Thompson, who helps run the city’s pensions.

Reporting by Joan Gralla; Editing by Leslie Adler

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