Big title insurer settles New York attorney general 'no-poach' claims
Reuters
Published Mar 29, 2023 09:54AM ET
Updated Mar 29, 2023 01:02PM ET
By Jonathan Stempel
NEW YORK (Reuters) - Fidelity National Financial (NYSE:FNF) Inc will pay $3.5 million to settle New York Attorney General Letitia James' claims that the largest U.S. title insurer illegally conspired with rivals not to solicit each other's employees.
Under an agreement made public on Wednesday, Fidelity also agreed to end all "no-poach" agreements within 30 days, and cooperate with James' probe into the title insurance industry.
James said no-poach agreements, whether written or oral, reduce competition for workers, resulting in lower wages and benefits and impeding career growth.
She also said they are unnecessary in a well-functioning labor market, and that Fidelity's use of them violated federal and state antitrust laws.
Fidelity did not admit or deny wrongdoing. It promised to notify James' office if it learned of illegal no-poach agreements over the next 10 years.
The Jacksonville, Florida-based company did not immediately respond to requests for comment.
Fidelity has said it ended January with nearly 21,800 employees, and considered its relations with them generally good.
James has since September 2021 reached similar civil settlements totaling $4.75 million with the title insurers Stewart Information Services (NYSE:STC) Corp, AmTrust Financial Services Inc and Old Republic International (NYSE:ORI) Corp.
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