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Lender Processing Services ($32.99 0.11%) reached a settlement with the Missouri Attorney General resulting in a dismissal of the criminal charges pending against DocX.
LPS is offering a voluntary contribution of $1.5 million to the state of Missouri. The AG will also be reimbursed $500,000 for fees related to the investigation. The Missouri AG added that the $2 million LPS is paying is in excess of the revenue earned by the company in the state during the relevant time period.
LPS and DocX are now released from liability in the state.
"This settlement is an important milestone in our ongoing efforts to resolve legal and regulatory issues related to the operations of DocX, which we closed in 2010," said Hugh Harris, president and chief executive officer of LPS in a statement. "LPS remains focused on resolving all remaining legal and regulatory challenges as expeditiously as possible and is committed to ensuring that we continue to operate with integrity and compliance in everything we do."
In February, the office of Missouri Attorney General Chris Koster indicted LPS on allegations of robosigning. The AG alleged that the names on 68 notarized deeds of release made on behalf of various lenders are not the names of the persons who actually signed the documents.
"The monetary disgorgement and the agreement we have reached in this criminal case with DocX should remind all mortgage-services processers that our system of titling real property will be held to a standard of accuracy and truth expected by homeowners across the country," Koster said in a statement.
"I appreciate LPS taking responsibility for the actions of its subsidiary, and for their agreeing to cooperate in our continuing criminal investigation of this matter," he added.
Jacksonville, Fla.-based LPS is a technology solutions provider to mortgage lending and servicing operations.
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