After three years, and a trial by jury, PHH is ordered to make restitution of $513,902 they stole from Philip Linza in Yuba City, and a punitive fine of an additional $15.7 Million. They say they were a little disappointed with the verdict, but they promised to never do it again.
They just sold all their vehicles for 1.4 Billion to concentrate on their mortgage servicing business, with an announced 140 fewer employees in 2014 than 2013. Maybe they could manage with a few less vice presidents. We think the jury did an excellent job, but we wonder if the jury looked over their 10K reports while they considered ability to pay. A fine of 0.000032% of quarterly income is hardly punitive, dontcha think?