American Business Financial Services, Inc.
The Firm has a central role prosecuting claims against the former officers and directors of American Business Financial Services, Inc. (“ABFI”) for violations of the federal securities law on behalf of all persons who suffered damage as a result of their purchase of the notes from ABFI between January 14, 2002 and December 23, 2004 pursuant to certain registration statements and prospectuses. In January 2007, the district court denied in part defendants’ motion to dismiss. Recently, a tentative settlement of $16.75 million was reached with the officers and directors subject to court approval. Plaintiffs are currently pursuing claims against ABFI’s auditor, BDO Seidman LLP, on behalf of purchasers of ABFI’s notes between October 3, 2002 and January 20, 2005. BDO filed a motion to dismiss the complaint which plaintiffs opposed. The district court has not yet ruled on that motion.