LAWSUITS NEWS & LEGAL INFORMATION
First American Corp., Fidelity National Financial Inc., and LandAmerica Financial Group Inc.
The California Insurance Commissioner filed a lawsuit against the three title insurers for allegedly paying kickbacks for referrals. The companies allegedly practiced captive reinsurance, where builders, lenders, and agents set up subsidiaries to share the risk of writing a title insurance policy. In the settlement First American Corp. has agreed to pay $20 million, Fidelity National Financial Inc. will pay $13.3 million, and LandAmerica Financial Group Inc. will pay $4.5 million. (Jul-20-05) [SACRAMENTO BUSINESS JOURNAL]
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Published on Aug-2-05
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