July 20, 2017 / 11:18 AM / a year ago

BRIEF-Ocwen reaches agreement in principle to settle previously disclosed class action

July 20 (Reuters) - Ocwen Financial Corp:

* Ocwen - reached agreement in principle to settle previously disclosed class action captioned in RE Ocwen Financial Corporation securities litigation

* Ocwen Financial Corp says settlement will include an aggregate cash payment by company to plaintiffs of $49 million

* Ocwen Financial Corp - settlement will include an issuance to plaintiffs of an aggregate of 2.5 million shares of company’s common stock

* Ocwen Financial-co estimates net pre-tax expense impact of settlement in quarter ending June 30, 2017 to be between loss of $34 million & loss of $36 million

* Ocwen Financial Corp - in lieu of issuing shares, company may elect to pay plaintiffs $7 million in cash

* Ocwen Financial -in no event will co be required to issue over 4 percent of number of shares of co’s common stock outstanding as of date of court approval

* Ocwen - if co's efforts to defend claims were not successful, financial condition, liquidity, results of operations could be materially, adversely affected Source text: (bit.ly/2vmJijs) Further company coverage:

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