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The economy seems to be heading at last into recovery territory, and the mortgage crisis that began in 2007 is starting to seem like old news. But the effects of the lax underwriting standards and other questionable loan practices that spawned the crisis continue to play out in courts across the country. According to cases being covered in the LexisNexis Jury Verdicts and Settlements, a recent uptick in settlements is occurring. With sometimes staggering losses sustained by some of these plaintiffs, they are choosing to resolve their legal claims and move forward, often with substantial sums of money put back into their pockets. The amounts, and the legal claims underlying the settlements, vary from plaintiff to plaintiff and jurisdiction to jurisdiction, but the theme seems to be one of moving forward and getting back to business.
As recently as March 26, 2012, the Massachusetts Bricklayers and Masons Trust Funds moved toward settling a securities class action that had been filed against Deutsche Alt-A Securities and related Deutsche entities. This action, which had been brought on behalf of purchasers of mortgage pass-through certificates, is awaiting judicial approval of a $32.5 million settlement. 2012 Jury Verdicts LEXIS 3408. Just last month, another large settlement was reached as CitiMortgage and Citigroup agreed to pay $158.3 million to settle a qui tam false claims action in New York federal court. 2012 Jury Verdicts LEXIS 1735.
For other recent litigation relating to mortgage industry fraud claims, see 2012 Jury Verdicts LEXIS 2050 ($ 15 Million Mortgage Insurance Settlement - New York), 2012 Jury Verdicts LEXIS 1960 ($3.9 Million Mortgage Insurance Settlement - California), 2011 Jury Verdicts LEXIS 200416 ($208.5 Million Class Settlement for Securities Violations -- Washington), and 2011 Jury Verdicts LEXIS 201573 ($ 315 Million Settlement for Securities Violations - New York).
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