11th Circ. Won't Revive Suit Over Ocwen's Software Problems

Law360 (August 15, 2019, 8:24 PM EDT) -- An Eleventh Circuit panel ruled Thursday that a lower court was correct to ditch a proposed class action brought by a pension fund against mortgage servicer Ocwen Financial Group because the company's alleged misstatements over its software were too vague to have credibly breached federal securities laws.

The pension fund had argued that Ocwen deceived shareholders by implying that it would find a way out of regulatory trouble it encountered due to problems with its account management software. Its share prices were therefore artificially high until it announced in early 2016 that its costs due to monitoring and compliance efforts were...

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