From a fees standpoint, white-collar defense lawyers couldn't be blamed for casting hungry eyes at the subprime mortgage mess. When California subprime lender New Century Financial announced in February that it would restate earnings by an undetermined amount, it caught the SEC's attention, resulting in a federal grand jury subpoena and new work for defense lawyers at multiple big firms. While large-scale investigations haven't surfaced elsewhere in the state yet, some believe it's just a matter of time.
December 26, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
From a fees standpoint, white-collar defense lawyers couldn’t be blamed for casting hungry eyes at the subprime mortgage mess.
Take New Century Financial Corp. In February, just as the mortgage meltdown began, the Orange County, Ca.-based subprime lender announced it would restate earnings by an as yet undetermined amount. That caught the Securities and Exchange Commission’s attention. A federal grand jury in the Central District of California fired off a subpoena.
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