Fidelity Wins Verdict In $55M Suit Over Development Loan

Law360, New York (April 27, 2012, 5:08 PM EDT) -- A California state jury on Tuesday handed a verdict in favor of Fidelity National Title Co. in a $55 million lawsuit by Hawaii-based Central Pacific Bank over an unpaid construction loan in which Fidelity was the escrow agent.

Central Pacific had claimed that Fidelity had obtained an inadequate title insurance policy from its sister firm Fidelity National Title Insurance Co. to cover a $37 million loan that Central Pacific had given a unit belonging to Southern California developer William Lo in 2006. The policy was used...
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