ICE Wins $155M For PennyMac Misuse of Black Knight Confidential Information in Mortgage Servicing Software
Portfolio Pulse from Benzinga Newsdesk
Intercontinental Exchange, Inc. (ICE) announced that an arbitrator ruled PennyMac Loan Services misused Black Knight's confidential information in creating its mortgage servicing software. ICE, which owns Black Knight, was awarded over $155 million, plus interest and attorneys' fees due to PennyMac's actions.
December 05, 2023 | 12:36 pm
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NEGATIVE IMPACT
PennyMac Loan Services, a part of PennyMac Financial Services, Inc. (PFSI), was found to have misused confidential information and is ordered to pay over $155 million to Black Knight.
The financial burden from the legal ruling against PennyMac could negatively impact its financial position and investor sentiment, likely leading to a short-term decline in PFSI's stock price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
ICE, owner of Black Knight, won a legal case against PennyMac, being awarded over $155 million plus additional costs for the misuse of confidential information.
The positive legal outcome for ICE is likely to be viewed favorably by investors, potentially boosting investor confidence and the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80