A Florida federal judge granted Ocwen Financial Corp.’s motion to dismiss a securities fraud suit claiming issues with a mortgage-servicing program caused stock prices to plunge.
Named plaintiff Karen Carvelli filed the putative class action in U.S. District Court for the Southern District of Florida a year ago on behalf of investors. After hearing oral arguments last month, Judge Robin Rosenberg in West Palm Beach on Monday dismissed the suit with prejudice, saying the plaintiffs failed to make out a claim.
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