First American
In 2004 First American self-reported that it transacted $217,398 in Direct Operations (title insurance business in Vermont without the assistance of independent attorney agents). First American’s Direct Operations accounted for almost 6% of its Premiums Earned in 2004. First American also transacted business in Vermont by way of “Affiliated Agencies”. The President/CEO of First American has told its shareholders that the Company intends to increase the revenue it makes from Direct Operations in the years ahead.
When confronted about its Direct Operations program, First American continues to assert the “Wizard of Oz defense” and repeat over and over, “Pay no attention to the man behind the curtain!” In other words, “yes, we at First American admit that our company is engaged in Direct Operations in Vermont but let us all pretend that it’s not really our company doing it.”
Date | Amt of Settlement | Type of Activity | Defendants | Location | Complainant |
1/17 | $43,800,000 | Non-Compete | First American | Columbus , Ohio | Chicago Title |
4/1 | $31,500,000 | Refinance Discounts | All Title Companies | New York State | Class Action |
7/7 | $150,000 | Kickbacks – Room Rentals | First American | Detroit , MI | HUD |
7/14 | $680,000 | Sham AfBA | First American | Memphis , TN | HUD |
7/20 | $20,000,000 | Captive Reinsurance | First American | California | CA DOI |
©2010 Vermont Attorneys Title Corporation. All rights reserved.
