Chicago Title Faces $12M Suit Over Bad Mortgages

Law360, New York (June 3, 2011, 6:09 PM EDT) -- LNV Corp. filed suit Thursday against Chicago Title Insurance Co., seeking nearly $12 million for its alleged refusal to pay claims under policies that insured mortgage lien positions on a pair of commercial properties in Pennsylvania.

LVN, a receiver for Columbian Bank and Trust Co., which held the policies, accuses Chicago Title of failing to compensate it for losses covered by the policies after the bank’s lien positions were compromised.

The suit claims LNV is owed at least up to the policies’ limit and alleges breach...
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