TUCSON, AZ-The current management team of StoneWater Mortgage Corp. here has entered into a settlement agreement with First Magnus Litigation Trust in a lawsuit filed in bankruptcy court.

The suit originally consisted of 96 counts and encompassed some 40 defendants, with the major allegation being that a group of seven former First Magnus executives stripped assets and cash from the bankrupt company that were then used to start StoneWater.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.