Wilmington Trust Seeks ResCap Judge's OK To Sue Ally

Law360, New York (April 19, 2013, 4:08 PM ET) -- The trustee for $1 billion in senior unsecured bonds issued by Residential Capital LLC sought a New York bankruptcy judge’s permission Friday to sue the firm’s former parent, Ally Financial Inc., adding to the growing pressure on Ally to pay up for ResCap’s collapse.

Wilmington Trust NA’s court filing came a week after the official committee of unsecured creditors sought the judge’s authorization to sue the auto lender. The unsecured creditors said at the time that Ally could be responsible for up to $25 billion for...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required