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Lone Star, Accredited Home Lenders Settle

Law360 (September 19, 2007, 12:00 AM EDT) -- Lone Star Funds will pay about $295 million to purchase subprime mortgage outfit Accredited Home Lenders Holding Co. in a settlement agreement.

The settlement is geared toward resolving the lawsuit Accredited filed against Lone Star after the private equity firm said it wanted to back out of its June agreement to acquire the lender, which warned it might go bankrupt in a regulatory filing in August.

The original agreement called for Lone Star to pay $15.10 per share for San Diego-based Accredited Home Lenders, which amounted...
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