A federal judge preliminarily approved a partial $100 million settlement in a class action brought by New Jersey Carpenters Health Fund and other purchasers of mortgage-backed securities issued by Residential Accredit Loans Inc, Law360 writes.
The underlying litigation involves the sale of mortgage-backed securities to a New Jersey pension fund and other investors in 59 offerings from 2006 to 2007 that were issued and sold by RALI, Ally Securities and other affiliates.
