A $5 million settlement has been reached in a stock-drop class-action claim brought against the executives and fiduciaries of LandAmerica Financial, a Virginia-based title company that filed for bankruptcy protection in November 2008.
Once the third-largest title insurance group in the U.S., the company also had a lender services and financial services arm. It was forced into bankruptcy after the 2008 mortgage-backed securities' liquidity crisis. The firm invested assets from clients' real estate sales in those securities.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
