Securities
Aug. 5, 2010
Defunct Southern California Mortgage Lender Settles With SEC, Shareholders
New Century Financial Corp., struck a $150 million settlement with the Securities and Exchange Commission, as well as shareholders, that could set the standard for other pending cases against sub prime lenders.
Daily Journal Staff Writer
LOS ANGELES - New Century Financial Corp., which became one of the largest subprime lenders in the nation before collapsing in 2007, has unceremoniously struck a $150 million settlement to end its legal standoff with both shareholders and the Securities and Exchange Commission.
The agreement came a few days before a settlement was approved between shareholders and Southern Californi...
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