Judge OKs $3.1M Impac MBS Settlement With Citibank

Law360, Los Angeles (January 24, 2013, 8:55 PM ET) -- A California federal judge Thursday approved Impac Funding Corp.’s $3.1 million settlement with Citigroup Global Markets Inc. over allegations Impac violated the Securities Exchange Act by selling mortgage-backed securities based on false statements in mortgage documents.

Senior U.S. District Judge Mariana R. Pfaelzer greenlighted the settlement, which calls for Impac to pay Citigroup with a combination of stock and cash to resolve all claims arising out of the purchase of certificates in a mortgage-backed securities trust on March 12, 2010.

Citigroup alleged Impac knew at the...
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