Lender Processing says to settle state inquiries for $127 million

Thu Jan 31, 2013 9:34am EST

(Reuters) - Lender Processing Services Inc said it will pay $127 million to settle inquiries related to some of its signing and notarization practices.

Shares of the company rose more than 8 percent to $24.25 in early trading Thursday on the New York Stock Exchange.

The mortgage service provider said it had entered into settlements with attorneys general of 46 states and the district of Columbia.

LPS said it increased its legal and regulatory reserve for the quarter ended December 31 by $48 million. The company is scheduled to report fourth-quarter results on February 7.

LPS had previously settled similar inquiries with Missouri, Delaware and Colorado and Thursday's settlement leaves the complaint filed by Nevada as the only unresolved inquiry.

(Reporting by Aman Shah in Bangalore)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.