Mortgage Lenders May Pay $48M In Antitrust Case

Law360, New York (May 8, 2007, 12:00 AM EDT) -- NovaStar Financial Inc. and two smaller lenders may have to shell out as much as $48 million in damages after a California jury found that they conspired to pressure a popular mortgage shopping Web site to drop one of their competitors from the site.

After four days of deliberation, a jury in Orange County state court arrived at a $15.9 million verdict Friday against Kansas City, Mo.-based NovaStar; Newport Beach, Calif.-based Amerimax Realty Financial Inc. and Clearwater, Fla.-based Business Mortgage Inc. NovaStar is one of the...
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