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LAWSUITS NEWS & LEGAL INFORMATION

NovaStar Financial Settles Class Action for $7.25 Million


This is a settlement for the Securities/Stock Fraud lawsuit.

NovaStar Financial Inc has reached a settlement in a class action securities fraud of $7.25 million. The suit, one of 5 launched against the company in mid-April, 2004, alleged that investors were misled by information that inferred the company had an increased number of brokerage offices throughout the country. However, some of these brokerage firms were later fined for not being properly registered or didn't actually exist.

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Published on Dec-11-08


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