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Case ID: 4573 | Insurance | 12/12/2005
Three class actions pending against Lawyers Title Insurance Corporation, American Pioneer Title Insurance Corporation (now known as Ticor Title Insurance Company of Florida) and Fidelity National Title Insurance Corporation have settled. These companies have joined Florida's largest title insurer, Attorneys & Title Insurance Fund, Inc., (known as "The Fund") in settling actions alleging that the insurers overcharged persons that pay the premiums for title insurance in Florida.
The lawsuits focus on title insurance premiums charged to borrowers in mortgage refinancing transactions. In such transactions, the borrower is required to pay a title insurance company a premium for a title insurance policy that the insurer then issues to the lender. That policy is known as a Lender's Policy, and insures the lender, not the borrower. The lawsuits alleged that title insurance companies overcharged borrowers for such premiums by failing to charge them a discounted premium as required by Florida law, known as the Reissue Rate. The plaintiffs also alleged that the insurers failed to charge the Reissue Rate in other circumstances where the law so required. In settling the lawsuits, the three insurers to most recently settle, established settlement funds, ranging from $824,536 to $1,400,000, to pay the claims of class members, and agreed to institute wide-ranging changes to their business practices. These changes were an industry first when made a part of The Fund settlement, and Lawyers Title, Ticor and Fidelity agreed to implement the same changes. The insurers now agree that charging Reissue Rates is mandatory and that virtually all Florida residents are eligible for such rates. The insurers will now (a) communicate to and enforce this policy among its agents, (b) include these changes in all future training, policy and procedure manuals, (c) require their agents to disclose the availability of the discount to consumers, and (d) audit their agents to ensure compliance. All of the changes are new for these insurers, and are the result of the settlements. Included in the classes are persons that paid a title insurance premium to Lawyers Title, Ticor/American Pioneer, and Fidelity from 1999 to 2005 (the exact dates within each year vary with each settlement) that should have been, but were not, charged a premium based on the Reissue Rate in connection with (1) a mortgage refinancing; (2) the purchase of unimproved land; and/or (3) the purchase of a property from a seller that purchased and resold that property within three years. Class members will soon receive notice of the settlement through direct mail and publication in newspapers throughout Florida. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Insurance Cases of Interest Uninsured/underinsured motorist automobile insurance covers you if you are injured in an accident by a liable party who carries insufficient (or no) liability insurance. The parties have reached a tentative $2 million settlement in an action filed against Nationwide Mutual Fire Insurance Company and related companies on behalf of California policyholders who were sent a selection/rejection form by the company and had their uninsured motorist coverage limits raised unilaterally by the company above $30,000/$60,000 and paid for the coverage between January 1, 1994, and December 31, 2002. Claim forms must be postmarked by October 22, 2003, to be considered valid. A class action has been filed against American Investors Life Insurance Company on behalf of senior citizens in California who were sold expensive annuity policies that allegedly offer no benefit payouts for at least ten years. The suit alleges that the company has engaged in unfair business practices by improperly targeting the marketing and sale of these annuities to senior citizens.
The parties have reached a final settlement apparently valued at $3 million in an action filed against Safeco Insurance Company of America and related companies on behalf of Montana customers who filed uninsured, underinsured and medical claims against the company from 1996 to the present. The action alleged that state insurance provisions prohibiting "stacking'' of multiple insurance policies were unenforceable. Persons eligible to participate in the settlement should contact attorneys for the class for more information as soon as possible. A class action lawsuit has been filed in the Northern District Court of Ohio against RR Donnelly (formerly Moore-Wallace North America, Inc.) for violations of the Employment Retirement Income Security Act (ERISA). ERISA is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans.
Class members seek a determination that the Pension Plan was discontinued on or about December 31st, 2000 and terminated on June 4th, 2001 and that the members of the class are entitled to the surplus assets remaining in the pension fund after the satisfaction of all defined benefit Plan liabilities.
The parties have reached a tentative nationwide $5 million settlement in an action filed against major cellular phone services and three insurance companies on behalf of all persons who purchased wireless equipment insurance between January 1, 1986, and February 20, 2004, through a wireless equipment insurance program administered by Asurion Insurance Services, Inc., Lockton Companies, Inc., or Lock\Line, LLC. The action alleged that the insurance programs failed to comply with applicable state insurance statutes and were marketed in a manner that failed to comply with Pennsylvania's consumer protection statutes. Proof of claim forms must be postmarked on or before August 9, 2004, to be considered valid. The parties have reached a tentative multimillion dollar settlement in an action filed against United Parcel Service, Inc. on behalf persons who bought "excess value" package insurance from UPS going as far back as 1984. The action alleges that UPS overcharged for the insurance in violation of state and federal laws. Customers will be able to apply for UPS vouchers once the settlement is finalized. |
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