Ongoing investigation and a pending class action lawsuit against a host of title insurance companies including Fidelity National Title Insurance, Fidelity National Financial, TICOR Title Insurance, Chicago Title Insurance, The First American Corp., First American Title Insurance Company, Pacific Northwest Title Insurance, LandAmerica Financial Group, Commonwealth Land Title Insurance, Lawyers Title Insurance Company, Transnation Title Insurance, and Stewart Title Guarantee Company.
The class action complaint alleges that each of these title insurance companies collectively violated antitrust laws by conspiring to fix prices on title insurance of residential and commercial real estate throughout Washington state. During the outlined class period, from February 2004 until present, defendants controlled in excess of 90 percent of the market for title insurance in the United States and Washington state and annual sales exceeded $1.2 billion.
The class action lawsuit claims defendants also encouraged lawyers, brokers and lenders to steer business to particular insurers with the incentive of kickbacks in the form of finder's fees, gifts, and other financial enticements.
The lawsuit asks for treble damages and seeks to represent all who purchased title insurance from one of the named defendants.
Name (Stock Symbol)
First American Corporation (FAF)
First American Corporation provides title insurance, other specialty insurance, escrow services and data analytics to the home loan industry.
Commonwealth Land Title Insurance Co.
Commonwealth Title is a title insurance company. It was acquired by Fidelity National Financial, Inc. in 2008.
Ticor Title Insurance Company
Ticor Title Insurance Company provides title insurance.
Fidelity National Financial, Inc. (FNF)
Fidelity National Financial, Inc. is a holding company that is a provider, through its subsidiaries, of title insurance, specialty insurance and claims management services.
LandAmerica Financial Group (LFGRQ.PK)
On November 26, 2008, LandAmerica Financial Group, Inc. and LandAmerica 1031 Exchange Services, Inc. filed for Chapter 11 bankruptcy. It was a title insurance company.
Fidelity National Title Company
Fidelity National Title Company provides title insurance and escrow services.
First American Title Insurance Company
First American Title Insurance Company is a wholly owned subsidiary of First American Corporation and provides title insurance in the US.
Pacific Northwest Title Insurance
Pacific Northwest Title Insurance sells title insurance.
Transnation Title Insurance
Transnation Title Insurance sold title insurance and was a subsidiary of LandAmerica Financial Group. LandAmerica is in bankruptcy.
Stewart Title Guaranty Company
Stewart Title Guaranty Company provides title insurance.
Lawyers Title Company
Lawyers Title is a title insurance company, bought in bankruptcy by Fidelity National Financial, Inc.
Chicago Title Insurance Company
Chicago Title Insurance Company sells, underwrites and administers title insurance nationally.
The information provided on ClassAdvocate.com is general in nature,
does not apply to any particular factual situation, and is not and
should not be taken as legal or other professional advice. We make no
commitment or warranty that the factual, legal or any other information
on ClassAdvocate.com, or on any linked website, is accurate, complete,
error-free, or current. As such, you should not rely on such information,
and should seek professional advice if and as you determine appropriate.
ClassAdvocate.com is not a lawyer referral service, and no attorney-client
or confidential relationship is or should be formed by use of the site.
The investigations listed on ClassAdvocate.com are attorney advertisements
and do not in any way constitute a referral or endorsement by ClassAdvocate.com
or any approved or authorized lawyer referral service.