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RI to get $448K in 'robo-signing' settlement

PROVIDENCE, R.I. (AP) -- Rhode Island is getting $448,000 from a proposed multi-state settlement with a company over its "robo-signing" practices.

Attorney General Peter Kilmartin said Thursday that 45 states and the District of Columbia reached the $120 million settlement with Lender Processing Services, Inc., and two subsidiaries. It resolves allegations the Florida-based company robo-signed documents and engaged in other improper conduct in preparing mortgage-related documents. Robo-signing is the automatic signing of documents, often en masse, by employees not authorized to do so.

Kilmartin says the settlement both punishes LPS and sets new standards to prevent future abuses.

The company's CEO said in a statement LPS is committed to stronger compliance and oversight and calls the settlements "another major step toward putting issues related to past business practices behind us."