R&G Financial Settles Suits Over Mortgage Sales

Law360, New York (March 4, 2008, 12:00 AM EST) -- A Puerto Rico-based financial holding company said Monday that it has agreed to pay about $29 million to settle a shareholder class action alleging that the company and some of its senior officers engaged in “egregious accounting fraud.”

A judge must approve the settlement of the shareholder class action against R&G Financial Corp.

Under the settlement, R&G would pay the plaintiffs approximately $29 million. Insurers and some individual defendants – former and current directors and officers – would chip in another $11 million.

The company also...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

In re R&G Financial Corporation Securities LItigation


Case Number

1:05-cv-04186

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Loretta A. Preska

Date Filed

April 26, 2005

Law Firms

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.