Corus Execs, Investors Settle Class Action For $10M

Law360, New York (May 17, 2011, 8:35 PM EDT) -- Former directors of bankrupt Corus Bankshares Inc. have agreed to pay $10 million to settle a putative shareholder class action in Illinois alleging the real estate lender misrepresented its finances during the housing crisis, according to court papers filed Tuesday.

The plaintiffs asked the Illinois federal court to sign off on the agreement with the two remaining defendants, former Corus CEO Robert Glickman and ex-Chief Financial Officer Tim Taylor. The plaintiffs had voluntarily dismissed their claims against Corus after the company declared bankruptcy in June 2010....
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

Jones v. Corus Bankshares, Inc. et al


Case Number

1:09-cv-01538

Court

Illinois Northern

Nature of Suit

850(Securities/Commodities)

Judge

Honorable Elaine E. Bucklo

Date Filed

March 11, 2009

Law Firms

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.