Union Fund Targets LPS Directors Over Robo-Signing

Law360, New York (December 15, 2010, 1:06 PM EST) -- A union pension fund has accused the board of Lender Processing Services Inc. of encouraging robo-signing of mortgage approvals — a practice under heavy legal scrutiny because of errors — in an effort to oust the company's directors.

The International Brotherhood of Electrical Workers Local 164 Pension Fund’s derivative shareholder complaint, lodged Monday in the Delaware Chancery Court, seeks to remove chairman Lee A. Kennedy and six others from the board of the Jacksonville, Fla.-based company.

"The board has structured LPS' business to create an assembly-line...
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