Accredited Settles Investor Securities Suit For $22M

Law360, New York (July 16, 2009, 4:00 PM EDT) -- Plaintiffs have reached a $22 million cash settlement in their proposed class action against bankrupt subprime lender Accredited Home Lenders Holding Co. and its directors and officers, whose alleged book-cooking burned shareholders.

After over 4 million discovery documents, 17 depositions and two days of talk, the parties have reached an equitable agreement, the lead plaintiffs said in an unopposed motion for preliminary approval of the settlement filed Wednesday in the U.S. District Court for the Southern District of California.

With the San Diego-based Accredited having filed...
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