SOUTHLAND TITLE SETTLES WITH STATE.Byline: Daily News A Burbank-based title company agreed Friday to pay $2 million to settle allegations that it lavished gifts on real estate licensees in exchange for business. Southland Title Corp., Southland Title of Orange County and Southland Title of San Diego each agreed to pay $500,000, and other costs, without admitting or denying the allegations in a 13-page California Department of Insurance complaint, Insurance Commissioner Harry Low said. The state department began its investigation in April 1999 after receiving numerous letters and telephone calls reporting kickback Kickback A slang term used to describe the payment of something of value to another individual with the goal of persuading or influencing their decision or performance in certain situations.Notes: A kickback may be in the form of cash or favors, and can be legal or illegal. A common form of kickbacks, in the context of investing, are commission rebates for investors who trade frequently. See also: Commission activity, according to the complaint. CDI accused the title company of giving illegal rebates - in the form of gift certificates, concert and event tickets, vacation packages, funding for holiday parties and payment for business support services - as inducements for agents and others to throw business the companies' way. |
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