PORTLAND, Ore. - Wilshire Financial Services Group said Tuesday that it has settled "all disputes" with Andrew Wiederhorn and Larry Mendelsohn, its founders and former top executives, including a lawsuit they filed after being dismissed last September.
Their termination "was without cause," Wilshire said in a statement.
The dismissals followed a bankruptcy restructuring that changed the makeup of Wilshire's board, which in turn questioned their business acumen.
The executives declined an offer to remain on the board. Instead they formed Wilshire Real Estate Investment Trust Inc.
The latter and Wilshire Financial also announced that they had resolved all disputes and litigation between them relating to the termination of various agreements and other business relationships.