Thursday, 18 December 2014
Last updated 51 min ago
Aug 15 2011 | 1:54pm ET
According to Fortress Investment Group, mortgage lender Springleaf Finance Corp. is worth $150 million. But the company could be on the hook for almost half that under a South Carolina state court ruling.
Springleaf, which Fortress bought 80% of from American International Group last year for $125 million, could face damages of as much as $68.7 million. The court ruled late last month that more than 9,000 people were entitled to damages of between $1,500 and $7,500 each under a state law protecting mortgage borrowers.
The court is still to issue a final order, which will include any possible penalties, in the case, which was filed in 1996.
Evansville, Ill.-based Springleaf said it will continue to "vigorously" defend itself against the lawsuit.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.