LandAmerica Gives Fidelity A Tax Break In Stock Spat

Law360, New York (September 11, 2009, 12:51 PM EDT) -- Bankrupt real estate services and financing company LandAmerica Financial Group will receive $5.225 million in exchange for allowing Fidelity National Title Insurance Co to list hundreds of millions in stock losses on its tax returns under a settlement of a dispute over a stock purchase agreement.

LandAmerica, Fidelity National and LandAmerica's committee of unsecured creditors asked Judge Kevin R. Huennekens of the U.S. Bankruptcy Court for the Eastern District of Virginia to approve the compromise, which was filed Thursday.

Under a November 2008 stock purchase agreement,...
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