ING Drops $500M Suit Against Ex-New Century CEO

Law360, New York (May 16, 2011, 5:58 PM EDT) -- ING Bank NV on Monday dropped a suit in Ohio against the incarcerated former CEO of New Century Financial Enterprises Inc. over $500 million the bank lost in the massive securities fraud that felled the health care lender.

Judge James L. Graham, who is overseeing the multidistrict litigation relating to the $2.8 billion fraud perpetrated by New Century, dismissed ING’s claims against Poulsen in keeping with a stipulation the bank filed last month.

Filing suit in New York in September 2003, ING accused Poulsen and other...
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