New Century Gets More Cease-And-Desist Orders

Law360, New York (March 19, 2007, 12:00 AM EDT) -- New Century Financial Corp. said Monday it had received cease-and-desist orders from four more states, a development that does not bode well for the beleaguered subprime lender in its attempt to avoid bankruptcy.

The Irvine, Calif.-based company, which already received cease-and-desist orders from Massachusetts, New Hampshire, New Jersey, and New York on March 13, revealed the additional orders in a filing with the U.S. Securities and Exchange Commission on Monday.

New Century said that Connecticut, Maryland, Rhode Island, and Tennessee issued the orders, meant to block...
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.