ResCap Strikes Deals Resolving $247M In Borrower Claims
By Maria Chutchian (December 17, 2013, 7:18 PM EST) -- Attorneys for Residential Capital LLC on Monday announced four settlements worth a combined $1.1 million resolving putative borrower class actions that were pursuing claims of a combined $247 million against the defunct mortgage servicer's bankruptcy estate.
The deals will allow ResCap and its affiliates to avoid litigating the allegations connected to their prepetition mortgage loan servicing and origination practices. The attorneys are seeking approval for the agreements from U.S. Bankruptcy Judge Martin Glenn, who confirmed ResCap's liquidation plan last week.
"The debtors believe that the proposed settlements are fair, reasonable, equitable and in the best interests of the debtors' estates and...
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