Ocwen Defeats Securities Fraud Class Action

A Florida federal judge on Monday granted Ocwen Financial Corp.’s motion to dismiss a securities fraud class action filed in April 2017 on the heels of a regulatory action initiated by the Consumer Financial Protection Bureau and more than 20 state regulators. Judge Robin L. Rosenberg of the District Court for the Southern District of Florida dismissed the lawsuit without leave to replead, finding that an amended complaint “would not cure the infirmities in the Complaint and because [plaintiff University of Puerto Rico Retirement System] has had adequate opportunity to amend its pleadings.” 

Kramer Levin stated, “We are pleased the court granted our motion to dismiss, and dismissed the consolidated case with prejudice. The court agreed with the core premise of our motion — namely, that none of the Ocwen public statements challenged by the plaintiff violated the nation’s securities laws.” 

Law360 reported on the case.

The ruling is here.