$100M Settlement Gets Tentative OK In MBS Row

Law360, Los Angeles (July 1, 2013, 6:41 PM EDT) -- A New York federal judge on Friday preliminarily approved a partial $100 million settlement in a class action brought by New Jersey Carpenters Health Fund and other purchasers of mortgage-backed securities issued by Residential Accredit Loans Inc. 

The underlying litigation involves the sale of mortgage-backed securities to a New Jersey pension fund and other investors in 59 offerings from 2006 to 2007 that were issued and sold by RALI, Ally Securities LLC and other affiliates. Plaintiffs said the prospectuses issued in connection with the securities contained...
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