ResCap Settlement ClearsBy Carlson Lynch On December 18, 2013
As was reported previously on www.carlsonlynch.com, Bruce Carlson is co-lead counsel on behalf of a class of approximately 45,000 residential mortgage borrowers whose claims were recently settled as part of the ResCap bankruptcy proceedings in the Southern District of New York. The settlement was for an allowed claim amount of $300 million dollars.The bankruptcy court granted final approval of the settlement on November 27, 2013. However, the effective date of the settlement was tied to confirmation of the bankruptcy plan. We are pleased to report that the bankruptcy plan was confirmed by Judge Glenn on December 11, 2013. In confirming the plan, Judge Glenn noted that the ResCap bankruptcy was the most legally and factually complex matter that he has presided over since becoming a judge.
A more detailed description of the settlement is provided in the class notice section of this website.