The settlement involves three stipulations: Auditor KPMG LLP will pay $44.75 million; the underwriter defendants will pay $15 million; and New Century’s former officers and directors collectively will pay more than $65 million.
During a hearing before U.S. District Judge Dean D. Pregerson in Los Angeles, Salvatore J. Graziano, a partner at New York’s Bernstein Litowitz Berger & Grossman, called the settlement a “highly complicated matter” in which “each part really depended on the other.”
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