JEFFERSON CITY, Mo. (CN) – Fidelity National Financial Group will pay a $500,000 fine and refund money to customers in a settlement announced by the Missouri Department of Insurance.
Florida-based Fidelity National Financial was accused of charging incorrect premiums and fees for title insurance in closing on real-estate transactions.
Title insurance protects lenders and property owners if a claim is made on a property based on a problem that existed before the purchase.
Fidelity National will pay a $50,000 fine; Commonwealth Land Title and Lawyers Title will each pay $190,000; and Transnation Title will pay $70,000.
All of the companies are subsidiaries of Fidelity National Financial.