Calling their actions "extraordinary, gross negligence," attorneys for defunct mortgage lender First NLC Financial Services LLC marched to the brink of trial and ultimately secured a $2.65 million settlement from three former officers.
For the defendants, the settlement spared them from a trial that was to begin May 6. Approved May 21 in U.S. Bankruptcy Court, the settlement represents the last in a string of wins for the lender’s trustee.
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