Corus Execs, Investors Settle Class Action For $10M

Law360, New York (May 17, 2011, 8:35 PM EDT) -- Former directors of bankrupt Corus Bankshares Inc. have agreed to pay $10 million to settle a putative shareholder class action in Illinois alleging the real estate lender misrepresented its finances during the housing crisis, according to court papers filed Tuesday.

The plaintiffs asked the Illinois federal court to sign off on the agreement with the two remaining defendants, former Corus CEO Robert Glickman and ex-Chief Financial Officer Tim Taylor. The plaintiffs had voluntarily dismissed their claims against Corus after the company declared bankruptcy in June 2010....
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