Industry News

Trial set for former Homestore execs

Wolff, Tafeen, PricewaterhouseCoopers due in court June 14

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A lawsuit against former Homestore executives and the online real estate company's former accountants PricewaterhouseCoopers is set to begin trial next month. A trial date has been set for June 14 against the remaining defendants in the civil litigation, the California State Teachers' Retirement System confirmed yesterday. CalSTRS is the lead plaintiff in an investor complaint against Homestore's former executives and accountants. The complaint was filed in U.S. District Court for the Central District of California in November 2002. Homestore settled with CalSTRS in March for about $93 million. However, the pension fund still has claims pending against Stuart Wolff, Homestore's former CEO, Peter Tafeen, who was a marketing and business development executive at Homestore, and PricewaterhouseCoopers. A federal judge last week rejected bids by the defendants to drop the suit. The complaint accused Homestore and individual defendants of falsifying financial statements and engaging i...