KABOOM! Lender Processing Services LOSES Breach of Contract Claim in WAMU Case. FDIC Wants $154,529,000

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KABOOM! Lender Processing Services LOSES Breach of Contract Claim in WAMU Case. FDIC Wants $154,529,000

KABOOM! Lender Processing Services LOSES Breach of Contract Claim in WAMU Case. FDIC Wants $154,529,000

Lender Processing Services, Inc. just filed a Regulation FD Disclosure alerting investors that

On May 9, 2011 in the U.S. District Court for the Central District of California to recover alleged losses of approximately $154,529,000. The FDIC’s complaint alleged that these losses were the direct and proximate result of the defendants’ breach of contract with WAMU and alleged gross negligence of the defendants with respect to the provision of certain appraisal services.On November 2, 2011, the court issued an order limiting the FDIC’s claims to breach of the contract and granting the Company’s Motion to Dismiss the FDIC’s claims of gross negligence, alter ego, single business enterprise and joint venture claims. With respect to the limited remaining breach of contract claim, the Company maintains that the Appraisal Outsourcing Services Agreement between LSI and WAMU clearly specifies a $10,000 per claim limitation of liability. The Company is confident that it will ultimately prevail on any remaining breach of contract claim.

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