PMI Settles Shareholder Suit For $31M

Law360, New York (September 9, 2010, 3:10 PM EDT) -- Residential mortgage insurer The PMI Group Inc. has agreed to pay $31.25 million to settle a class action alleging the company and its leaders misled investors about losses stemming from the housing market downturn.

Judge Susan Illston of the U.S. District Court for the Northern District of California preliminarily approved the settlement Tuesday, and she scheduled a final approval hearing for Dec. 16. At the same time, she certified the class for settlement purposes only, leaving it open to all people who acquired PMI stock between...
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