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Stock Market & Financial Investment News

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January 31, 2013
09:03 EDTLPSLender Processing announces multi-state settlement
Lender Processing announced that it has entered into settlement agreements with the attorneys general of 46 states and the District of Columbia. The multi-state settlement, which includes an aggregated payment by LPS of $127M, resolves inquiries surrounding the company's default operations, including former document preparation, verification, signing and notarization practices of certain operations. As a result of these settlements, as well as progress on other outstanding legal issues, LPS increased its legal and regulatory reserve in the quarter ended Dec. 31, 2012, by $48M. As of Dec. 31, 2012, the balance in the company's legal reserve, after the payment of expenses, was $223M.
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