November 15, 2018 / 10:43 PM / 4 months ago

3rd Circuit nixes securities fraud lawsuit against Altisource

A federal appeals court has declined to revive a proposed class action accusing real estate management company Altisource Asset Management of securities fraud for failing to disclose regulatory violations at Ocwen Financial Services, a mortgage servicer it relied on.

In a decision on Wednesday, a unanimous three-judge panel of the 3rd U.S. Circuit Court of Appeals said investors did not cite any authority to show that U.S. Virgin Islands-based Altisource was required to disclose “flaws of a separate entity.”

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