Altisource To Shell Out $32M To Investors Over Stock Drop

Law360, Miami (February 13, 2017, 8:12 PM EST) -- A Florida federal judge on Friday approved a $32 million class settlement ending a suit against mortgage servicer Altisource Portfolio Solutions SA by investors who claimed regulatory actions in New York sent the stock plummeting.

U.S. District Judge William P. Dimitrouleas gave his preliminary approval to the settlement between the class of investors and Ocwen Financial Corp. spinoff Altisource as well as three individual defendants: Ocwen founder William Erbey, Altisource CEO William Shepro and Altisource Chief Financial Officer Michelle Esterman.

The settlement class includes all investors who bought Altisource common stock from April 25, 2013 to Dec. 21, 2014 and suffered...

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