Industry News

Three title insurers settle Florida class-action suits

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Three title insurance companies have settled Florida class-action lawsuits alleging they overcharged consumers, and have set up settlement funds ranging from $824,536 to $2.5 million to pay class members' claims,the plaintiffs' law firm said today. Lawyers Title Insurance Corp., American Pioneer Title Insurance Corp. (now known as Ticor Title Insurance Co. of Florida) and Fidelity National Title Insurance Corp. joined Florida's largest title insurer, Attorneys & Title Insurance Fund, in settling the actions, Florida-based Wites & Kapetan said today. According to legal documents filed in the action, the three companies denied the allegations and denied that they were liable for the claims asserted. None of the three companies involved returned calls asking for comment. The lawsuits focus on title insurance premiums charged to borrowers in mortgage refinancing transactions. In such transactions, the borrower is required to pay a title insurance company a premium for a title ins...