Big title insurer settles New York attorney general 'no-poach' claims (updated)

Fidelity National Financial

29/03/2023 14:50

(Adds settlement details, background)
    By Jonathan Stempel
       NEW YORK, March 29 (Reuters) - Fidelity National
Financial Inc  FNF.N  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 Corp  STC.N , AmTrust Financial
Services Inc and Old Republic International Corp  ORI.N .

 (Reporting by Jonathan Stempel in New York; editing by Jonathan
Oatis)
 ((jon.stempel@thomsonreuters.com; +1 646 223 6317; Reuters
Messaging: jon.stempel.thomsonreuters.com@reuters.net))