litigation
confidence high
sentiment positive
materiality 0.75
Woodbridge Liquidation Trust settles litigation with Comerica Bank for $54.5 million
Woodbridge Liquidation Trust
- Comerica Bank to pay $54.2M to settle California class action and $300K to settle Delaware adversary proceeding.
- Trust is the largest class member with ~60.9% of claims; expects ~60.9% of net class consideration.
- Settlement requires court approval; payment and distribution expected by Q1 2022 but subject to appeals and opt-outs.
- Comerica may terminate settlement if opt-outs exceed an agreed threshold of claims.