Trial On ResCap's $9B RMBS Deal Pushed To January

Law360, New York (October 10, 2012, 3:38 PM EDT) -- Ally Financial Inc. loan servicing unit Residential Capital LLC is set for a pushed-back Jan. 14 start date for a trial over its proposed $8.7 billion settlement with 392 securitization trusts over residential mortgage-backed securities after a New York bankruptcy judge approved scheduling matters Wednesday.

U.S. Bankruptcy Judge Martin Glenn allotted 12 hours of the trial to supporters of the RMBS settlement, including ResCap and its bankrupt affiliates, AFI, and the institutional investors involved in the deal, and 18 hours to its opponents, noting that there...
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