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Article: Creditors Sue Former Directors and Officers of First Magnus in $1 Billion Lawsuit.

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PR Newswire
Article date:
February 27, 2009
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TUCSON, Ariz., Feb. 26 /PRNewswire/ -- Larry Lattig, Litigation Trustee for the First Magnus Financial Corporation Litigation Trust, through his lawyers, Lackey Hershman, L.L.P., filed a $1 billion lawsuit today against more than 40 defendants, including the former directors and officers of First Magnus Financial Corporation, and their new mortgage company, StoneWater Mortgage Corporation. Prior to its bankruptcy filing on August 21, 2007, First Magnus was one of the largest originators of "Alt-A" mortgages in the country and had over 5,500 employees nationwide.

The lawsuit alleges that First Magnus and "the rest of America" were "victimized by the avarice and ...

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