Insurers Cut Rates To Settle Bid-Rigging Charges

Law360, New York (May 23, 2006, 12:00 AM EDT) -- Two insurers have agreed to cut rates by 15% and reform several of their practices in order to settle charges of bid-rigging brought by New York State Attorney General Eliot Spitzer and the New York State Insurance Department.

First American Title Insurance Co. and Fidelity National Title Group Inc. agreed to reduce by 15 % the insurance rates on all properties valued at less than $1 million.

The insurers will also pay a total of $2 million in fines and have agreed to discontinue their practice...
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