Investors Settle Accredited Home Action For $22M

Law360, New York (September 17, 2009, 1:17 PM EDT) -- Investors in subprime lender Accredited Home Lenders Holding Co. have reached a $22 million agreement resolving a class action alleging the company and its executives artificially inflated Accredited's stock price before the collapse of the real estate boom.

In a motion on Wednesday before the U.S. District Court for the Southern District of California, attorneys for the lead plaintiff Arkansas Teacher Retirement System asked Judge Marilyn Huff to approve the cash settlement.

The court is scheduled to rule on the motion Nov. 2.

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