Predatory Lending - Written by Beasley Allen on Wednesday, October 6, 2010 14:24 - 0 Comments
Thirteen former officers and directors of New Century Financial Corp., the largest publicly-traded lender that focused on subprime mortgages, have agreed to pay more than $90 million to settle civil claims arising out of the company’s collapse. Nearly all the payments will be made by insurers under policies bought to protect New Century’s officers and directors. In addition, KPMG has agreed to pay nearly $45 million to settle claims related to New Century, whose books the accounting firm also audited. Wall Street firms that underwrote New Century stock will pay $15 million toward the settlement, bringing the total to be paid to more than $150 million. The New Century agreement, which requires federal court approval, will cover shareholder class actions, a Securities and Exchange Commission lawsuit, a bankruptcy trustee’s claim, and a suit by a private equity firm.
Leave a Reply
- Testosterone Multidistrict Litigation Has Been Formed
- Exploding Airbags is the Next Hidden Danger Lurking on the Horizon
- Favorite Bible Verses
- An Update on the Firm's Mass Torts Litigation
- The Civil Justice System Does Make a Difference
- BP's Stay Request Fails Before the Supreme Court
- Eight Car Makers Join in the Recall of Exploding Airbags
- The Deepwater Horizon Claims Program is Up and Running Again
- Favorite Bible Verses
- J&J Pays Oregon $4 Million To Settle Hip Implant Marketing Claims
- EPA Should Update Fracking Pollution Regulations
- Deepwater Fracking Raises Environmental Concerns
- $27.8 Million Settlement Finalized In TVA Coal Ash Spill
- Illinois Transport Company Settles Fatal Crash Suit For $2.7 Million
- Settlement For Family Of College Student Killed In Crash After Alabama National Championship Game
- Macy’s Fined $1 Million For Decapitation Of Warehouse Employee
- Texas Plastics Plant Fined $174,000 For Safety And Health Violations
- OSHA Says Safety Violation Continue At Oklahoma Oil Refinery
- Company Cited In Fatal West Virginia Cell Tower Collapse
- New Safety Directive Issued By OSHA On Communication Tower Work
- $27 Million Verdict Returned In Texas Against McDonald’s
- I keep reading that the pratice of steering is illegal and whole-heartidly suppo...
- Hello William, thank you for your question. We are not aware of any pending liti...
- Has litigation commenced as a result of this recall?...
- Sorry I meant to say settlement papers, but I did speak to someone in the Lawyer...
- I just spoke to someone and was told it will be another month or two before I wi...
- 2005 F150 super cab. Driver side regulator just broke. Dealer wants $200 just fo...
- Today, the 4th window failed in my 2004 F-150 SuperCrew - I bought it new and th...
- I own a 2007 Chevy HHR . Gauges have been going hey wire for about for about 5 m...
Recent Settlements - Feb 9, 2012 7:09 - 0 Comments
More In Recent Settlements
- A Further Update On The AWP Litigation
- Firm Reaches Settlement In Fort McClellan Radio Tower Collapse Case
- Firm Reaches Settlement In Sikorsky Helicopter Crash
- The Philadelphia Story
- St. Croix, Virgin Islands Settlement
Product Liability - Sep 4, 2014 13:13 - 0 Comments
More In Product Liability
- More Problems With Goodyear RV Tires
- NHTSA Offers Online Vehicle Recall Check
- Class Action Lawsuit Filed Against Mazda For Engine Valve Defect
- GM Sued For Alleged Antifreeze Defect In Chevy Cruze Models
- Settlement By Kia And Hyundai In Fuel Efficiency MDL Is Approved
Recalls Update - Sep 4, 2014 11:03 - 0 Comments
More In Recalls Update
- USDA Recalls 7.5 Tons Of Applegate Frozen Chicken Nuggets
- J&J Unit Recalls Hysterectomy Device Over Cancer Fears
- Samson International Recalls Bar Stool Due To Fall Hazard
- Bexco Recalls Franklin & Ben Mason 4-in-1 Convertible Cribs Due To Fall And Entrapment Hazards
- Ace Bayou Bean Bag Chairs Recalled Because Of Suffocation And Choking Hazards