Citibank Pays Up To $10.7M In Home Equity Class Action Deal

Law360, San Francisco (March 15, 2013, 8:41 PM EDT) -- A California federal judge on Friday gave final approval to a settlement worth up to $10.7 million between Citibank and a class of 150,000 customers who accused the bank of wrongfully suspending or decreasing the value of their home equity lines of credit based on faulty valuations.

Under the deal, Citibank will restore between $317 million and $654 million in home equity lines of credit, worth a projected cash value of $3.17 million to $9.45 million. U.S. District Court Judge Maxine Chesney also approved $1.2 million...
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