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Tuesday December 2, 8:29 pm Eastern Time

Green Tree named in lawsuit - law firm

NEW YORK, Dec 2 (Reuters) - Green Tree Financial Corp was named in a shareholder lawsuit filed in U.S. District Court in Minnesota, claiming that the company misrepresented its financial condition, a law firm said.

Green Tree and certain officers and directors were named in the suit, the law firm of Stull, Stull & Brody said in a statement.

Green Tree was not immediately available for comment.

On November 13, 1997, Green Tree said it was taking a $125 to $150 million reserve in the fiscal fourth quarter of 1997, to adjust for improper accounting assumptions made in conjunction with the company's use of gain-on-sale accounting.

The company's stock fell after this disclosure, the law firm said.


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