In an RMBS litigation by the City of Ann Arbor Employees’ Retirement System as lead plaintiff against Citigroup et al, a settlement has been proposed of $13.20 per $1,000 or 1.32 cents on the dollar.  As observers of RMBS settlements will note, this is the mid-range of recent settlements.

Read the memorandum of law, submitted in the Eastern District of New York, here.