RBS Puts Up $2M To End Mortgage Misrepresentation Claims

Law360, San Francisco (June 14, 2013, 6:22 PM EDT) -- A California federal judge on Friday gave preliminary approval to a $1.75 million settlement between RBS Financial Products Inc. and a class of 2,500 borrowers who say the mortgage-loan documents they signed didn't disclose that their interest rates would rise sharply after the first month.

U.S. District Judge Susan Illston gave her blessing to the deal in the long-running case without recommending any changes to the terms, according to Lee Weiss of Berns Weiss LLP, who represents the plaintiffs. Under the deal, 25 percent of the...
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