Title insurance case settled in local court

Thursday, October 12, 2006

Somewhat of a legal landmark passed with little notice on Monday, as a class-action lawsuit was settled in Dyer County Circuit Court. It is believed to be the first such civil action seen in the venue, which most often is the setting for the usual civil and criminal cases.

The lawsuit was against Richmond, Va.-based Lawyers Title Insurance Corp.'s "Residential Advantage" title insurance policy. Lawyers Title, also known as LandAmerica Lawyers Title, is a subsidiary of LandAmerica Financial Group, a $4 billion global financial concern.

Lawyers Title wrongly forced loan applicants to pay a $25 "commitment fee" that state regulators said they could not; the companies pocketed the fee as profit from 1998 to June 2006.

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