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Title Firms in Rebate Probe Finalize Deals

November 03, 2005|From a Times Staff Writer

California Insurance Commissioner John Garamendi said agreements had been finalized with two of the nation's largest title insurers accused of participating in illegal rebate activities.

Jacksonville, Fla.-based Fidelity National Financial Inc. and Santa Ana-based First American Title Insurance Co. agreed to deliver $22.7 million to consumers affected by the rebate actions, and the companies will cooperate with the Department of Insurance on reform of the title industry, Garamendi said.

The two firms were accused of funneling illegal rebates to banks, builders and Realtors in exchange for them steering business back to the title companies, Garamendi said. An agreement with a third company, LandAmerica Financial Corp., has not been finalized.

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From a Times Staff Writer

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