Settled: March 04, 2014
Lead plaintiff, on behalf of the class, alleged that defendants made misstatements and omissions during the class period in connection with LPS's business and financial well-being. On July 8, 2013, the Honorable Timothy J. Corrigan of the United States District Court for the Middle District of Florida preliminarily approved a settlement in the proposed class action, City of St. Clair Shores General Employees' Retirement System v. Lender Processing Services, Inc., No. 3:10-cv-01073. On October 30, 2013, the court preliminarily approved a modification to the settlement, the First Amendment to Stipulation and Agreement of Settlement (the Amendment). On March 4, 2014, the court granted final approval to the settlement as amended.
The settlement resolves all claims in the action against Lender Processing Services, Inc. (LPS) and the individual defendants, Jeffrey S. Carbiener and Francis K. Chan, in exchange for a payment in the amount of $14 million in cash, plus interest. As set forth in the Amendment, up to $900,000 of this payment can be used by LPS to satisfy the claims of an investor that opted out of the settlement. Without the Amendment, LPS could have terminated the settlement.
Lead plaintiff, Baltimore County Employees' Retirement System, represents the settlement class. Labaton Sucharow is the court-appointed lead counsel and Robbins Geller Rudman & Dowd LLP is the court-appointed liaison counsel.
Submit Proof of Claim
If you purchased or acquired the publicly traded common stock of LPS during the period from August 6, 2008 to and through October 4, 2010, inclusive, (the class period) you may be eligible to recover if you submit a Proof of Claim with supporting documents by January 21, 2014. The deadline for objecting to the settlement or the Amendment was January 31, 2014. The deadline for opting out of the settlement has passed.
A settlement hearing was held on February 21, 2014 at 10:00 am before Judge Corrigan at the Bryan Simpson United States Courthouse, 300 North Hogan Street, Jacksonville, Florida 32202.
Copies of relevant documents can be accessed by clicking on the links above.