WASHINGTON–A prospective class-action lawsuit has been filed against 12 title insurance companies and two supporting corporations alleging the firms violated antitrust laws by making hidden, illicit costs part of the price of products sold to New York state consumers.
The suit was filed earlier this month in U.S. District Court in Brooklyn on behalf of four named plaintiffs, all New York state residents.
Their action contends that the normal exemption from antitrust laws that applies to insurers should not apply because state insurance regulators are unable to appropriately regulate the pricing of title insurance sold to consumers since the costs are based primarily on agency commissions–costs which regulators do not have authority or ability to assess.
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