People's Choice Trustee, Ex-CFO Settle For $5M

Law360, New York (January 13, 2012, 7:44 PM EST) -- The liquidating trustee for People's Choice Home Loan Inc. asked a bankruptcy court on Thursday to sign off on a $5 million settlement with a former executive whom the trustee had accused of allowing corporate waste and establishing unsound underwriting guidelines.

In a motion filed in California bankruptcy court, trustee Ronald Greenspan said he had reached an agreement in arbitration with former PCHL chief financial officer Brad Plantiko. Under the terms of the settlement, Navigators Insurance Co. will pay the trustee $5 million under Plantiko's directors...
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