New Century Trustee Opposes Heller Ehrman Hire

Law360, New York (June 26, 2007, 12:00 AM EDT) -- The U.S. Trustee overseeing bankrupt subprime lender New Century Financial Corp.'s Chapter 11 proceedings has taken issue with the debtors' bid to retain Heller Ehrman LLP as special counsel because of the firm's connection to KPMG LLP.

U.S. Trustee Kelly Beaudin Stapleton filed a limited objection on Monday, asking U.S. Bankruptcy Judge Kevin J. Carey to deny the debtors' application to hire the firm as special counsel to New Century's audit subcommittee, or to grant relief consistent with her limited objection.

Stapleton's objection says that Heller...
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.