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by CareyBot

Fidelity National Financial and First American will each pay a $2 million fine and cut their rates by 15 percent to settle a probe by New York's attorney general, the official said Tuesday. New York Attorney General Eliot L. Spitzer alleged that the two title insurers gave real estate developers free or discounted title insurance in other states in exchange for giving their New York business to Fidelity and First American. The companies have not acknowledged any wrongdoing. Under the agreements, described as "first-of-their-kind" by Spitzer, Fidelity National Title Group Inc. and First American Title Insurance Co. will seek title insurance rate reductions of 15 percent for all properties up to $1 million in New York, according to Spitzer's office. "This agreement provides clarification a...