Stewart Reaches Settlement with California Commissioner of Insurance in Richmond Title Proceeding
HOUSTON (July 18, 2007) – Stewart Title Guaranty Co. (Stewart) joins Commissioner Steve Poizner in announcing a settlement in the amount of $1.5 million over charges that two of its agents conducted their business illegally in the State of California. Stewart has advised those agents not to prepare title searches, title examinations, title reports and/or certificates of abstract of title where a Stewart title insurance policy is being issued on property located in California.
By entering into the Stipulation and Waiver, Stewart did not admit any wrongdoing, and Stewart entered into the stipulation as a compromise to avoid the cost of further litigation.
Stewart Title Guaranty Co. is a wholly owned subsidiary of Stewart Information Services Corp. (NYSE-STC), a customer-oriented, technology-driven, strategically competitive, real estate information and transaction management company. Stewart provides title insurance and related information services required for settlement by the real estate and mortgage industries through more than 9,500 policy-issuing offices and agencies in the United States and international markets. Stewart also provides post-closing lender services, automated county clerk land records, property ownership mapping, geographic information systems, property information reports, flood certificates, document preparation, background checks and expertise in tax-deferred exchanges. More information can be found at www.stewart.com/