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New Century Workers Seek To Form Committee

Law360 (April 19, 2007, 12:00 AM EDT) -- Employees of New Century Financial Corp. are seeking bankruptcy court approval to form a committee that will represent more than 570 current and former workers who are allegedly owed $40 million for contributions they made to a deferred compensation plan and an executive retirement plan at the embattled subprime lender.

The emergency motion, filed by five employees in the U.S. Bankruptcy Court for the District of Delaware on Wednesday, asks the court for an order directing the U.S. Trustee overseeing the collapsed lender’s Chapter 11 case...
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