PennyMac ordered to pay $155M in Black Knight arbitration; trade secrets claim denied

PennyMac Financial Services, Inc.

Arbitrator awarded Black Knight $155,230,792 for breach of contract, plus interest and attorney fees; all trade secret misappropriation claims rejected.
PLS retains full ownership of SSE servicing platform with no restrictions on use or development.
Company expects to record litigation reserve in Q4 2023 reducing earnings and book value per share by approximately $2.85.
PFSI had $1.2B cash at Sept 30, 2023, providing ample liquidity to fulfill the interim award.

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