February 22, 2011 - The court ordered the authorization of the distribution of the net settlement fund.
November 21, 2008 - The court entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

November 3, 2008 - The court held a settlement hearing.

September 19, 2008 - The court preliminarily approved the settlement.

September 12, 2008 - Parties filed a stipulation of settlement.

January 9, 2007 - The court granted in part and denied in part the defendants’ motion to dismiss.

February 16, 2006 - The defendants filed a motion to dismiss.

November 16, 2005 - The lead plaintiffs filed an amended complaint on behalf of investors who purchased American Business Financial Services Inc (OTC: ABFIQ) common shares between January 18, 2002 and January 20, 2005 . The lead plaintiffs allege that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between January 18, 2002 and January 20, 2005.

March 30, 2005 - All cases were consolidated.

March 29, 2005 - The lead plaintiffs and lead counsel were appointed.

January 31, 2005 - The plaintiffs voluntarily dismissed one of the individual defendants named in the initial complaint.

January 18, 2005 - Another investor filed a complaint.

January 13, 2005 - An investor in shares of American Business Financial Services Inc (OTC: ABFIQ) filed a lawsuit in the U.S. District Court for the Eastern District of Pennsylvania against American Business Financial Services Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between January 18, 2002 and December 23, 2004.

The original complaint charges American Business Financial Services Inc and certain of its officers and directors with violations of the Securities Act of 1933. American Business Financial Services Inc's principal business is to originate, sell and service home equity and purchase money mortgage loans secured by residences. This suit asserts claims on behalf of purchasers of American Business Financial Services Inc's notes, subordinated money market notes, subordinated debt securities or subordinated debentures (the Notes ) purchased between January 18, 2002 and December 23, 2004.

Specifically, the complaint alleges that throughout the Class Period, defendants issued registration statements and prospectuses containing untrue statements and material omissions concerning the operations and financial results of the Company. In November - December of 2004 with respect to some or all of the notes, ABFI stopped paying principal or interest on maturity and stopped honoring checks written on ABFI money market accounts.

The complaint further alleges that on or around December 23, 2004, the Company issued a press release stating in part that the Company currently is unable to make any payments on Notes as they become due. The press release also stated that the Company may seek protection under the federal bankruptcy laws or may be forced into involuntary bankruptcy. Members of the class have suffered damage as a result with their Notes declining materially in value or becoming worthless.

NOTE: American Business Financial Services, Inc. is no longer a defendant because it and a number of its subsidiaries filed for protection under Chapter 11 of the Bankruptcy Code on January 21, 2005, and this lawsuit automatically stayed as of ABFI.