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Wed May 16, 2012
Fremont General Corp., the parent company of lender Fremont Investment & Loan, is now facing a class action lawsuit filed by the law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
The lawsuit claims the lender and certain leaders within its organization “omitted or misrepresented material adverse facts about the company’s financial condition, business prospects, and revenue expectations” during the class period that occurred between the dates of May 9, 2006 through February 27, 2007.
The suit also accuses the lender of running the company with risky operational and management policies and ineffective risk management policies within the subprime sector.
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