Two Harbors Says UWM's Lawsuit is 'Meritless and Illogical'

MT Newswires Live16:36

Two Harbors Investment (TWO) said Wednesday that a lawsuit filed by UWM (UWMC) over their terminated merger deal is baseless and meritless, while reiterating its support for a $12-per-share cash deal with CrossCountry Mortgage.

Two Harbors said the CrossCountry transaction was approved by shareholders July 2 and is expected to close in August.

The company also criticized UWM's recently disclosed $600 million derivatives loss, saying it raises questions about UWM's balance sheet, liquidity, risk management and governance.

Two Harbors said UWM's claims that the merger agreement was breached and that it suffered damages are false.

"[Two Harbors] looks forward to responding to UWMC's meritless and illogical lawsuit," the company said.

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