ResCap Trust Nabs $28.7M Verdict In Mortgage Lender Suit

Law360 (November 8, 2018, 11:14 PM EST) -- A Minnesota federal jury on Thursday handed a nearly $29 million verdict to the successor for the now-defunct Residential Funding Co. LLC in its case accusing a former LendingTree unit of having sold it bad mortgage loans before the financial crisis that eventually led to hefty bankruptcy settlements for RFC.

After less than three hours of deliberation following a 16-day trial, the jury found in favor of RFC's successor, the ResCap Liquidating Trust, on its claim for contractual indemnification against Home Loan Center Inc. and awarded $28.7 million in damages. Once interest and legal fees are added in, the net result...

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