Judge Finds Broadened Class Precludes Approval Of $10M Mortgage Settlement

Judge Finds Broadened Class Precludes Approval Of $10M Mortgage Settlement

SANTA ANA, Calif. - A federal judge in California on Oct. 29 refused to preliminarily approve a $10 million settlement between a class of borrowers and lenders who provided them with option adjustable-rate mortgages (ARM), ruling that the plaintiffs were unable to show why the proposed settlement class should be broader than an already certified class for claims brought under California's unfair competition law (UCL) (Timothy R. Peel, et al. v. BrooksAmerica Mortgage Corp., et al., No. 11-79-JLS, C.D. Calif.).

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