In Brief: First Alliance Settles Suit with Minnesota

First Alliance Corp. said its principal operating subsidiary, First Alliance Mortgage Co., has reached a settlement with the state of Minnesota regarding alleged improper lending practices. The state alleged that the nonconforming lender misrepresented the terms of its adjustable-rate mortgages. First Alliance, which said it has not violated any law, said last week that the agreement involves cash payments to a number of borrowers and provides for additional terms and disclosures.