ResCap Settles Suit Over Mortgages With $300M Claim

Law360, New York (August 01, 2013, 4:29 PM ET) -- A unit of bankrupt Residential Capital LLC on Wednesday sought court approval for a settlement that would end a putative class action brought by mortgage loan borrowers and reduce their $1.9 billion in claims to a $300 million allowed claim against the estate.

On top of the $300 million claim against Residential Funding Co. LLC that class members, known as the Kessler settlement class, will be allowed, the deal calls for borrowers to receive a distribution of the $57.6 million borrower claims trust that will be...
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