Owens Corning Sues for Its Dividends
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Associated Press
Owens Corning, which filed for bankruptcy protection two years ago, wants its biggest shareholders to give back a portion of $62 million in stock dividends they received from 1996 through 2000.
The company filed lawsuits asking for the payouts to be returned by mutual fund managers and investors who got more than $100,000 in stock dividends during the four-year period. The company said the payments may be fraudulent because it was insolvent when it paid the money.
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