3rd Circ. Nixes Class Settlement In Mortgage Litigation

Law360, New York (September 23, 2010, 4:56 PM EDT) -- A federal appeals court has vacated a decision to certify a settlement class and approve a deal to end consolidated litigation accusing two banks and GMAC Residential Funding Corp. of being involved in an illegal home equity lending scheme, marking the second time the appeals court has vacated a class action settlement in the litigation.

A three-judge panel of the U.S. Court of Appeals for the Third Circuit issued a 100-page precedential opinion on Wednesday "reluctantly" vacating the trial court's certification decision and settlement approval....
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