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New Century Financial Corp

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BUSINESS
April 27, 2001
The Irvine specialty finance company said it lost $1.9 million, or 17 cents a share, for the first quarter, contrasted with net income of $7.3 million, or 38 cents a share, for the first quarter in 2000. Revenue declined 21% to $48 million.
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BUSINESS
April 10, 2008 | From Times Wire Services
Former employees of New Century Financial Corp. have agreed to settle a lawsuit claiming the mortgage lender, which has filed for bankruptcy protection, forced them to work overtime without pay. The accord will provide at least $550,000 to ex-loan officers and other employees who said New Century, once the second-biggest sub-prime mortgage lender in the U.S., violated wage-and-hour laws by denying overtime pay, according to a filing in U.S. Bankruptcy...
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BUSINESS
April 5, 2001 | From Dow Jones Newswires
The Federal Trade Commission is investigating whether New Century Financial Corp.'s solicitation of new customers through direct mail violated federal credit reporting regulations, the Irvine mortgage lender said. In its annual report filed Monday with the Securities and Exchange Commission, New Century said it was notified of the investigation last August. The FTC is looking into whether the company's credit solicitations violated the Fair Credit Reporting Act.
BUSINESS
December 5, 2007 | From Bloomberg News
Irvine-based New Century Financial Corp., the biggest sub-prime lender in bankruptcy proceedings, asked a judge to keep secret a report on whether the company wrongly spent cash set aside as collateral. The report by bankruptcy examiner Michael Missal contains information protected by attorney-client privilege, New Century lawyers said in court papers filed Tuesday.
BUSINESS
April 28, 1999
New Century Financial Corp.: The Irvine specialty finance company reported that net income for the first quarter gained 58% to $9.8 million, or 55 cents a share, from $6.2 million, or 42 cents a share, a year earlier. Revenue increased 41% to $54.2 million from $38.4 million.
BUSINESS
April 8, 2000 | Edmund Sanders
New Century Financial Corp., an Irvine-based mortgage lender, said it has closed some unprofitable branches and laid off more than 200 employees nationwide, or about 12% of the company's total work force. The company said the cuts, which occurred in the first three months of the year, were part of an effort to reduce overhead and improve efficiency. About 20 jobs were eliminated in Orange County, the spokeswoman said.
BUSINESS
April 25, 2007 | From Reuters
New Century Financial Corp., the collapsed Irvine-based sub-prime mortgage lender, won Bankruptcy Court approval Tuesday to proceed with the sale of its loan origination unit in a swift auction that will end next week. U.S. Bankruptcy Judge Kevin Carey in Wilmington, Del., said he would sign an order approving the auction, at which the company will seek offers of at least $1 million. Offers for the unit, which stopped making loans last month, are due May 2.
BUSINESS
November 30, 2007 | From Times Wire Services
Irvine-based New Century Financial Corp., the biggest sub-prime lender in bankruptcy, faces $34.9 billion in claims from its creditors, the company said in court papers. The defunct mortgage company asked U.S. Bankruptcy Court Judge Kevin Carey, who is overseeing New Century's liquidation in Wilmington, Del., for more time to devise a plan to pay the claims, some of which are likely to be challenged by the company as invalid.
BUSINESS
June 22, 2007 | From Times Wire Services
New Century Financial Corp., an Irvine-based sub-prime lender that is being liquidated, was sued by a group of more than 120 former employees contending that a $43-million trust fund should be used to pay their deferred compensation. The employees are asking the U.S. Bankruptcy Court in Wilmington, Del., to treat their suit as a class action on behalf of more than 500 former New Century employees. The suit says the pay plan is protected under the Employee Retirement Income Security Act.
BUSINESS
June 13, 2007 | E. Scott Reckard, Times Staff Writer
Collapsed sub-prime lender New Century Financial Corp. said Tuesday that it fired its chief executive and replaced him with a consultant to oversee the company's liquidation. New Century said it dismissed Bradley A. Morrice "without cause" -- a condition that would have brought him at least $5.4 million in severance payments had the company not gone bankrupt.
BUSINESS
May 26, 2007 | From Times Staff and Wire Reports
Federal bankruptcy regulators urged a bankruptcy judge to expand the scope of a probe of New Century Financial Corp., the Irvine sub-prime mortgage lender that failed this year. Kelly Beaudin Stapleton, U.S. trustee for the Delaware court where New Century collapsed, on May 21 won the power to appoint an examiner, who has yet to be named, to look into the roots of the company's demise. But now the U.S.
BUSINESS
May 16, 2007 | From Times Staff and Wire Reports
The judge overseeing the bankruptcy of New Century Financial Corp. on Tuesday rejected the U.S. government's attempt to oust the former sub-prime mortgage lender's management and replace it with a court-appointed trustee. But U.S. Bankruptcy Judge Kevin Carey, who ruled in Wilmington, Del., indicated a willingness to appoint an examiner to review New Century's accounting for 2006. The regional U.S.
BUSINESS
May 8, 2007 | From Times Staff and Wire Reports
New Century Financial Corp., an Irvine-based sub-prime mortgage lender being liquidated in bankruptcy, won court permission Monday to pay about $3.2 million in bonuses to 116 executives and key managers. The approved plan was sharply scaled back from the company's initial proposal, which would have paid $6.3 million to employees, including Chief Executive Brad Morrice.
BUSINESS
April 25, 2007 | From Reuters
New Century Financial Corp., the collapsed Irvine-based sub-prime mortgage lender, won Bankruptcy Court approval Tuesday to proceed with the sale of its loan origination unit in a swift auction that will end next week. U.S. Bankruptcy Judge Kevin Carey in Wilmington, Del., said he would sign an order approving the auction, at which the company will seek offers of at least $1 million. Offers for the unit, which stopped making loans last month, are due May 2.
BUSINESS
April 19, 2007 | From Bloomberg News
New Century Financial Corp.'s employees asked a bankruptcy judge for permission to band together to attempt to collect $40 million they claim the sub-prime mortgage lender owed workers. The employees of the collapsed Irvine lender asked U.S. Bankruptcy Court Judge Kevin J. Carey in Wilmington, Del., to order the creation of a committee to represent at least 570 current and former workers who contributed money to a New Century deferred compensation plan and an executive retirement plan.
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