StoneWater Mortgage Settles First Magnus Suit

ater Mortgage Corp. and the First Magnus Litigation Trust reached a settlement June 11 in the lawsuit filed Feb. 26, 2009, according to a StoneWater statement. The announced settlement dismisses with prejudice StoneWater Mortgage, its related companies and its current officers, directors and employees from the suit. Under the terms of the settlement agreement, both the plaintiff and StoneWater Mortgage admitted no fault and were released from any claims in the First Magnus suit. "The settlement reached with StoneWater is a good result for the creditors and increases the assets from which they may be paid," said Jamie R. Welton, lead counsel for the First Magnus Litigation Trust in the lawsuit, in a statement. StoneWater Mortgage President Doug Lemke added ‘StoneWater Mortgage and its employees can now return their full attention to continuing to establish the company in the national residential mortgage lending market.’ SOURCE: StoneWater M


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