Ally Could Be On Hook For $25B, ResCap Creditors Say

Law360, New York (April 12, 2013, 4:23 PM EDT) -- Residential Capital LLC unsecured creditors on Thursday asked a New York bankruptcy judge for permission to sue ResCap’s former parent Ally Financial Inc., saying the auto lender could be responsible for up to $25 billion for its role in ResCap’s collapse.

The official committee of unsecured creditors said in a court filing that it was still in talks with the government-controlled Ally and was trying to reach a consensual plan that would tie up its claims, but added that if they couldn’t reach a solution, it...
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