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Court gives preliminary approval to settlement of suit against Opus Bank

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Court gives preliminary approval to settlement of suit against Opus Bank

The U.S. District Court for the Central District of California on March 13 gave preliminary approval to the settlement of Nancy Schwartz's suit against Opus Bank.

The Irvine, Calif.-based company will pay $17.0 million into an escrow account within 10 days of the court's preliminary approval order as full and complete settlement of the litigation.

All amounts to be paid by Opus Bank are expected to be fully funded by its insurance carriers.

The court has scheduled the final approval hearing for July 20. There can be no assurance that it will grant final approval of the settlement, according to a regulatory filing.