RAIT Ends Actions Over Subprime Losses For $32M

Law360, New York (December 12, 2009, 6:44 PM EST) -- A federal judge has approved a $32 million settlement between RAIT Financial Trust and several institutional investors who accused the real estate investment trust of misleading them about its exposure to subprime mortgages.

In a regulatory filing, RAIT revealed that the U.S. District Court for the Eastern District of Pennsylvania gave its final approval to the agreement Thursday, putting to bed a putative class action launched by A1 Credit Co., the Employees Retirement System of the State of Rhode Island and lead plaintiff Brahman Capital Corp....
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