Fieldstone Investment settles litigation with former shareholders

By Lisa Kerner

Charlotte, N.C., Feb. 22 - Fieldstone Investment Corp. said it settled its litigation with former Fieldstone shareholders regarding the price paid to redeem shares following the closing of Fieldstone's Rule 144A equity offering in 2003.

As a result, Fieldstone Investment has paid a total of $10.6 million and all claims have been dismissed, according to a company news release.

In addition, the per share purchase price in the previously announced merger agreement with Credit-Based Asset Servicing and Securitization LLC merger is $5.53 for Fieldstone Investment's common stock and is no longer subject to a potential $0.20 reduction related to settling litigation.

Columbia, Md.-based Fieldstone Investment owns and manages a portfolio of non-conforming mortgage loans.

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