Comerica Will Pay $11M To End Investors' Sigma Action

Law360, New York (October 1, 2013, 1:57 PM EDT) -- Comerica Bank has agreed to pay $11 million to settle a class action alleging the bank failed to pull investors' money from Sigma Finance Corp. before the structured investment vehicle collapsed in 2008, according to a motion filed Friday in Michigan federal court.

The freshly-certified class members urged U.S. District Judge Stephen J. Murphy III to preliminarily approve the settlement and end the four-year litigation between the investors and Comerica. Under an amended schedule filed by the plaintiffs Monday, a final approval hearing for the settlement...
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