Tag Archives: New Century Financial Corp.

New Century Trustee Sues KPMG; Will Other Gatekeeper Claims Follow?

In a development that may foreshadow further "gatekeeper" claims as part of the current credit crisis litigation wave, on April 1, 2009, the trustee for the New Century Financial Corp. liquidation initiated lawsuits in California and New York against KPMG and its international parent, seeking to recover $1 billion in damages for negligence and for … Continue Reading

New Century Examiner’s Report Faults KPMG, Company Officials

In a sweeping 581-page report (here), the examiner appointed in connection with the New Century Financial Corporation bankruptcy found that New Century “engaged in a number of significant improper and imprudent practices related to its loan originations” that “created a ticking time bomb that detonated in 2007.” Bankruptcy examiner Michael J. Missal issued his report … Continue Reading
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