New Century Fires CEO

Law360, New York (June 13, 2007, 12:00 AM EDT) -- New Century Financial Corp.'s implosion has claimed another victim, with the co-founder and chief executive of the subprime mortgage lender becoming the most recent employee to be forced out of the company.

On Tuesday, the bankrupt lender revealed that Brad A. Morrice had been fired “without cause” last week in a routine filing with the U.S. Securities & Exchange Commission.

The termination took place last Friday, with Morrice subsequently resigning from his position on the company's board of directors, according to the lender.

Chief Restructuring Officer...
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