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Mortgage Lender Settles Stock Inflation Row For $2.95M

Law360 (July 13, 2018, 6:59 PM EDT) -- Mortgage lender and servicer Walter Investment Management Corp. and three executives agreed to pay $2.95 million Friday to end a proposed class action alleging they concealed liquidity problems that ultimately caused share prices to plunge, according to a filing in Pennsylvania federal court.

The agreement would end allegations that between Aug. 9, 2016, and Aug. 1, 2017, Walter Investment Management executives made a number of misrepresentations about its finances on investor calls and in documents filed with the Securities and Exchange Commission. When the misstatements became apparent,...
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