Fremont $10M Settlement With Mass. Approved

Law360, New York (June 1, 2009, 12:00 AM EDT) -- Fremont General Corp. has received court approval for its $10 million settlement with the state of Massachusetts over allegations that the bankrupt subprime lender had engaged in deceptive lending practices.

Judge Erithe A. Smith of the U.S. Bankruptcy Court for the Central District of California signed off on the deal Friday after agreeing that the settlement would likely save the debtor substantial discovery, litigation and possible damages costs in the long run.

The deal, disclosed in a regulatory filing in late April, requires Fremont to pay...
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