Blue Ridge $2.5 Million Investor Settlement Wins Recommendation

Blue Ridge Bankshares Inc.‘s $2.5 million settlement to resolve investor allegations over its loan accounting should get the court’s preliminary approval, a federal magistrate judge recommended.

Lead investor Russell Hunter showed that the class of investors in Blue Ridge Bank’s holding company will likely be certified and the settlement will likely get final assent, Magistrate Judge Joseph A. Marutollo said in the US District Court for the Eastern District of New York. The class counsel can seek attorneys’ fees of up to one-third of the sum, about $833,000, and reimbursement of expenses up to $80,000, read his report and ...