PennyMac Financial (PFSI) has released an update.
PennyMac Financial Services faced a legal challenge when Black Knight, now part of Intercontinental Exchange, accused it of contract breach and trade secret misappropriation. However, an arbitrator partially sided with PennyMac, denying the trade secret claim and reducing Black Knight’s damages from $155 million to $150 million. Additionally, PennyMac successfully argued Black Knight had unlawfully monopolized the market, securing its right to its loan servicing technology and intellectual property. The company is now set to capitalize on this technology, potentially creating more value for stakeholders and enhancing borrower services.
For further insights into PFSI stock, check out TipRanks’ Stock Analysis page.
For a comprehensive understanding of the announcement, you can read the full document here.
