December 17, 2013
Good news! The United States Bankruptcy Court for the Southern District of New York entered an Order in Residential Funding Corporation’s Chapter 11 bankruptcy approving the $14.5 million class action settlement with Defendant Residential Funding Corporation (“RFC”) in Mitchell v. Residential Funding, et al., on condition that Class Counsel also obtains the Circuit Court of Jackson County’s final approval of the settlement. The Bankruptcy Court’s Order also lifted the automatic stay of litigation imposed on Class Counsel by RFC’s Chapter 11 bankruptcy filing on May 14, 2013, in order to permit them to seek final approval of the settlement in the Jackson County Circuit Court, and further provides that upon final approval by the Jackson County Circuit Court, the Mitchell Settlement Class shall have an allowed claim for $14.5 million against the Borrowers Claims Trust established under RFC’s Chapter 11 bankruptcy plan.
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