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.
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