Nat'l Century Investors Drop $3B Fraud Suits Against Ex-CEO
Law360, New York (April 9, 2013, 2:30 PM EDT) -- National Century Financial Enterprises Inc. bondholders on Monday dropped their litigation against co-founder and former CEO Lance Poulsen over the health care finance company's nearly $3 billion securities fraud scheme, saying in light of his presumed insolvency, pursuing the cases against him isn't worth it.
U.S. District Judge James L. Graham signed off on the order dismissing Poulsen from three related actions without prejudice. Since Credit Suisse Group AG in March agreed to pay $400 million to settle multidistrict and other litigation, only Poulsen remained as a defendant.
Given that Poulsen is currently serving a 30-year prison term for engineering the...
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