loanDepot, a leading mortgage industry lender, has just agreed to settle a securities class action lawsuit filed by shareholders. The shareholders claimed the company, its executives, and investment banks had made false or misleading disclosures before and after the lender’s initial public offering in 2021.
The settlement will require the company to pay out $75 million to shareholders as compensation. It will also end litigation and potential higher costs in the form of legal fees. Yet, the resolution does not require loanDepot to admit any fault in the case.
Important Elements:
• loanDepot agreed to settle a lawsuit with shareholders
• Company, executives, and investment banks alleged to have made false or misleading disclosures
• Initial Public Offering in 2021
• LoanDepot to pay out $75 million as compensation
• Resolution does not require loanDepot to admit any fault in the case
You can read this full article at: https://www.housingwire.com/articles/loandepot-agrees-to-settle-securities-class-action-lawsuit-for-3-5m/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
