Judge Preliminarily Approves $100M Settlement In Securities Class Action

Judge Preliminarily Approves $100M Settlement In Securities Class Action

NEW YORK - A federal judge in New York on June 28 granted preliminary approval to a $100 million securities class action settlement between shareholders and Residential Accredit Loans Inc. (RALI) and others, who are alleged to have misrepresented RALI's exposure to the subprime mortgage lending crisis in offering documents for RALI securities (New Jersey Carpenters Health Fund, et al. v. Residential Capital LLC, et al., No. 08-8781, S.D. N.Y.).

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