Conseco Chief Executive Gary Wendt is downplaying a lawsuit filed against the company’s struggling insurance and finance firm. He denied Wednesday the suit’s allegations that it fraudulently lowered the delinquency rates on loans in an effort to conceal problems.
Wendt’s statement came in response to a Wall Street Journal report that Conseco faces a lawsuit from two pension funds alleging that it deliberately and fraudulently amended the statistics measuring how many loan customers were falling behind on their repayments. The suit, filed on behalf of the Anchorage Police & Fire Retirement System and the State of Louisiana Firefighters’ Retirement System, was originally filed last spring.
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