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Title insurance companies might have overcharged consumers by conspiring to fix prices on title insurance for residential and commercial properties.
Investigation Source
- Nationwide
Investigation Scope
Category Information
Investigation Topics
- Unfair and Deceptive Services
- Over Charge
- Excessive or Unauthorized Fees
- Price Fixing
- Anti-Competitive Behavior
Product or Service
- Title Insurance
Injury Type
- Monetary Loss
Investigation Details
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.
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.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| 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. |