Court Sides With New Century's Top Earners

Law360, New York (April 30, 2007, 12:00 AM EDT) -- A judge has ordered New Century not to touch more than $40 million in retirement funds saved up by hundreds of the bankrupt lender’s high earners, pending a hearing on the appointment of a special committee to represent the group.

More than 570 senior-level workers filed an emergency motion calling on the U.S. Trustee overseeing New Century’s Chapter 11 case to set up a committee of retirement plan beneficiaries to protect the funds from creditors.

Bankruptcy Judge Kevin Carey on Friday granted the beneficiaries' motion to...
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