BankUnited To Settle Securities Class Action For $3M

Law360, New York (June 29, 2011, 8:39 PM EDT) -- BankUnited Financial Corp. said Monday it has agreed to pay $3 million to settle with a proposed class of pension funds in a Florida lawsuit accusing the bankrupt company of misleading investors about the impact of its underwriting standards for adjustable-rate mortgages.

Lead plaintiffs Louisiana Municipal Police Employees' Retirement System and the Oklahoma Police Pension and Retirement System filed notice saying the parties had reached a settlement at a recent status hearing, but were still discussing details of a formal stipulation. U.S. District Court Judge Marcia...
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