Banks Lose Bid To Stay Bear Stearns Mortgage Class Action

Law360, New York (December 6, 2012, 7:12 PM EST) -- A California federal judge on Wednesday denied a motion by a group of banking defendants including now-defunct Bear Stearns Cos. Inc. to stay a class action brought by homeowners who allege Bear Stearns duped them into purchasing adjustable-rate mortgages.

District Judge S. James Otero denied the motion by the defendants to stay the suit pending the defendants' appeal of his September order granting class certification in the suit. The defendants appealed Judge Otero's order to the Ninth Circuit in October.

The judge certified three homeowners —...
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