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3rd shareholder sues to block PHH-Ocwen deal

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3rd shareholder sues to block PHH-Ocwen deal

Tami Fratis, a putative shareholder of PHH Corp., filed a lawsuit seeking to block the company's deal with Ocwen Financial Corp., becoming the third claimant to sue over the deal in recent weeks.

She accused the company and its directors of disclosing false and misleading statements about its planned merger with Ocwen.

The class-action lawsuit, filed in the U.S. District Court for the District of New Jersey, also sought an award of damages and litigation expenses in an unspecified amount. PHH maintains the action is without merit, according to a regulatory filing.

Adam Franchi and Greg Smith, also both purported shareholders of the company, filed similar accusations against PHH.