Ocwen

O’Melveny represented Ocwen Financial Corporation and Ocwen Loan Servicing in In re Ocwen Mortgage Servicing Litigation, a multidistrict litigation proceeding comprising nearly six dozen cases, including numerous putative nationwide class actions. The MDL challenged essentially every aspect of Ocwen’s mortgage servicing and included claims regarding payment processing, loss mitigation, bankruptcy and escrow issues, lender-placed insurance, and fee assessment.  O’Melveny obtained dismissal of many claims asserted in the various amended complaints multiple times over. O’Melveny also obtained a key opinion from the United States Court of Appeals for the Seventh Circuit, holding that as a result of Ocwen’s then-federal charter, federal law clearly preempted certain of the state-law claims asserted in the action. O’Melveny resolved the MDL on extremely favorable terms to Ocwen.