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New Century Financial Faces Mounting Challenges

Law360 (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...
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