Business Financial Seeks OK For $17M Settlement

Law360, New York (October 16, 2008, 12:00 AM EDT) -- Plaintiffs lawyers in a securities class action against American Business Financial Services Inc. on Wednesday moved for final approval of a $17 million settlement in a lawsuit accusing the bankrupt mortgage lender of making material misstatements about its financial condition.

In September Judge Thomas N. O'Neill Jr. preliminarily approved the settlement in U.S. District Court for the Eastern District of Pennsylvania. The deadline for objections to the settlement from the 29,000-member class – some of which have been received – is Oct. 20 and a final...
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