Morgan Stanley Reaches $4.5M Deal To End HAMP Suit

Law360, San Diego (April 9, 2015, 6:45 PM EDT) -- A Morgan Stanley unit has agreed to pay $4.5 million to end class action allegations that it denied thousands of California homeowners new terms through the federal Home Affordable Modification Plan, which they claim led some to lose their homes, the plaintiffs said in a Thursday court filing.

In a motion seeking preliminary approval of the deal, class counsel said Saxon Mortgage Services Inc. would pay the approximately 2,705 class members an average of $1,663 each, before accounting for attorneys' fees and other costs. The settlement represented about 15 percent of the roughly $30 million in total trial payments made by...

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