New Jersey Carpenters Health Fund vs Royal Bank of Scotland Group Plc et al | Another mortgage-crisis suit settles for pennies on the dollar - Wells Fargo, Royal Bank of Scotland and Deutsche Bank have reached a $165 million class-action settlement

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New Jersey Carpenters Health Fund vs Royal Bank of Scotland Group Plc et al | Another mortgage-crisis suit settles for pennies on the dollar – Wells Fargo, Royal Bank of Scotland and Deutsche Bank have reached a $165 million class-action settlement

New Jersey Carpenters Health Fund vs Royal Bank of Scotland Group Plc et al |  Another mortgage-crisis suit settles for pennies on the dollar – Wells Fargo, Royal Bank of Scotland and Deutsche Bank have reached a $165 million class-action settlement

NY POST-

Big banks have cut yet another settlement from the mortgage crisis at pennies on the dollar.

Wells Fargo, Royal Bank of Scotland and Deutsche Bank have reached a $165 million class-action settlement of investor claims over their underwriting for the now-bankrupt subprime lender NovaStar Mortgage.

The truce resolves claims that offering materials prepared by the banks misled investors into believing that loans underlying roughly $7.55 billion of NovaStar mortgage-backed securities they bought were properly underwritten, and were safe.

[NY POST]

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One Response to “New Jersey Carpenters Health Fund vs Royal Bank of Scotland Group Plc et al | Another mortgage-crisis suit settles for pennies on the dollar – Wells Fargo, Royal Bank of Scotland and Deutsche Bank have reached a $165 million class-action settlement”

  1. Randall Stephens says:

    The recovery was 3.1 cents per dollar of face value.

    Doesn’t that also mean 96.9 cents per dollar of face value WEREN’T recovered?

    Steven Toll, a lawyer for investors led by the New Jersey Carpenters Health Fund, said “This is a significant recovery.”

    Good thing Mr. Toll is a lawyer and not a financial advisor.

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