Lender Processing Services (LPS) agrees to $14 mln securities fraud settlement related to an alleged "fee splitting", "robo-signing"

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Lender Processing Services (LPS) agrees to $14 mln securities fraud settlement related to an alleged “fee splitting”, “robo-signing”

Lender Processing Services (LPS) agrees to $14 mln securities fraud settlement related to an alleged “fee splitting”, “robo-signing”

Lets not forget: George Anhang from both Covington & Burling and Dewey & LeBoeuf law firms that represented LPS in the defense of this securities class action.

 

Reuters-

Mortgage servicing company Lender Processing Services Inc has agreed to pay $14 million to settle claims the company misled investors about improper practices underlying its business model, including the “robo-signing” documents, in connection with foreclosures.

The company’s settlement, disclosed in papers filed last week in U.S. District Court in Jacksonville, Florida, marked the latest securities class action settlement to spill out of the U.S. housing market crash and subsequent financial crisis.

Filed in 2010, the lawsuit accused Lender Processing and several executives of making false or misleading statements related to an alleged practice of improper “fee splitting” and of engaging in illegal document-filing practices related to foreclosures.

Following a series of disclosures about its allegedly improper business practice, Lender Processing’s stock fell 18 percent from April 2009 to October 2010.

[REUTERS]

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