Former LPS Employees Allege 30% to 78% Error Rate in Borrower - TopicsExpress

Former LPS Employees Allege 30% to 78% Error Rate in Borrower Mortgage Records, Contradicting Banker/Regulator Cover-Up Posted on May 20, 2011 by Yves Smith One investor said that every time he looked at corporate misconduct, “No matter how bad you think it is, it’s always worse”. Lender Processing Services is proving to be a classic illustration. The City of St. Clair Shores Employees’ Retirement System is the lead plaintiff in a class action lawsuit against Lender LPS that was amended and expanded yesterday. The suit is against the company and its three top officers, charing them with violations of Federal securities laws with the intent of inflating the company’s revenues and stock price. City of St. Clair Shores Employees’ Retirement System v. LPS et al. Amended Complaint May 18, 2011 nakedcapitalism/2011/05/former-lps-employees-allege-30-to-78-error-rate-in-borrower-mortgage-records-contradicting-bankerregulator-cover-up.html

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