Suit accuses title companies of breaking antitrust laws

The Seattle Post Intelligencer reports, "Washington resident sued four groups of title insurers Monday in federal court in Seattle, alleging that they violated state and federal antitrust laws by agreeing not to compete based on the price paid by consumers."

"Plaintiff Timothy Lubic bought title insurance from one of the 12 defendant companies, which operate as four groups. Together, the companies account for more than 85 percent of title-insurance premiums consumers pay in Washington, the suit alleges."

"Title insurance protects property buyers against claims that could interfere with their rights to use and resell their property. The choice of a title insurer is typically made for buyers by their lawyers, brokers or agents, and most buyers don't know how much they will pay, or to which company, until closing."