New Century Financial Faces Mounting Challenges

Law360, New York (March 5, 2007, 12:00 AM EST) -- Subprime mortgage lender New Century Financial Corp. is facing a number of legal challenges, including several securities class actions and investigations into trading activity by regulators.

In a regulatory filing submitted to the U.S. Securities and Exchange Commission Friday, New Century revealed the company is facing at least 10 securities class action lawsuits and four derivative complaints. In addition, New Century said it is under investigation by the New York Stock Exchange, the SEC and the U.S. Attorney’s Office for the Central District of California, which...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.