ResCap Strikes Deals Resolving $247M In Borrower Claims

Law360, New York (December 17, 2013, 7:18 PM EST) -- Attorneys for Residential Capital LLC on Monday announced four settlements worth a combined $1.1 million resolving putative borrower class actions that were pursuing claims of a combined $247 million against the defunct mortgage servicer’s bankruptcy estate.

The deals will allow ResCap and its affiliates to avoid litigating the allegations connected to their prepetition mortgage loan servicing and origination practices. The attorneys are seeking approval for the agreements from U.S. Bankruptcy Judge Martin Glenn, who confirmed ResCap’s liquidation plan last week.

“The debtors believe that the proposed...
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Case Title

Timothy R Peel et al v. Brooksamerica Mortgage Corporation et al


Case Number

8:11-cv-00079

Court

California Central

Nature of Suit

Banks and Banking

Judge

Josephine L. Staton

Date Filed

January 13, 2011


Case Title

CRONK v. GMAC MORTGAGE, LLC


Case Number

2:11-cv-05161

Court

Pennsylvania Eastern

Nature of Suit

Other Statutes: Other Statutory Actions

Judge

STEWART DALZELL

Date Filed

August 12, 2011


Case Title

THROM v. GMAC MORTGAGE, LLC


Case Number

2:11-cv-06813

Court

Pennsylvania Eastern

Nature of Suit

Other Statutes: Other Statutory Actions

Judge

STEWART DALZELL

Date Filed

October 31, 2011


Case Title

Residential Capital, LLC


Case Number

1:12-bk-12020

Court

New York Southern

Nature of Suit

Date Filed

May 14, 2012

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