StoneWater Mortgage and its executives settle First Magnus suit

StoneWater Mortgage and its executives settle First Magnus suit

June 18, 2009

StoneWater Mortgage Corporation and the First Magnus Litigation Trust have announced that they have reached a settlement in the lawsuit filed Feb. 26, 2009. The announced settlement dismisses with prejudice StoneWater Mortgage Corporation, 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.
Lead counsel for the First Magnus Litigation Trust in the lawsuit, Jamie R. Welton, said that, "the settlement reached with StoneWater is a good result for the creditors and increases the assets from which they may be paid."
StoneWater Mortgage President Doug Lemke commented that, "We are pleased to put this litigation behind us. This resolution is positive for StoneWater Mortgage Corporation, its employees and its business partners."
Lemke further commented that, "StoneWater Mortgage and its employees can now return their full attention to continuing to establish the Company in the national residential mortgage lending market."
For more information, visit

Compliance, Originations, Trends