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Ocwen to pay $49 million to settle class action lawsuit over restated financials

Ocwen Financial will pay at least $49 million to settle a class action lawsuit over the nonbank restating its 2013 and 2014 earnings after its auditor found a potential “material weakness” in the way it valued and recorded a financial transaction. The issue previously led to Ocwen paying a $2 million fine to the SEC after an investigation found that the company misstated it financials on several occasions.