An informational video about “Transaction Point,” a real estate software system developed by the Jacksonville, Florida-based title insurance company Fidelity National Financial is available online. Fidelity developed “Transaction Point” and its web-based referral system in 2002 to assist brokers in preparing transaction documents and ordering related real estate settlement services, such as escrow, title insurance and natural-hazard disclosure services. However, the company stopped operating the system in 2009 when “Transaction Point” was questioned by authorities.
On January 8, 2012, several California district attorneys announced an $873,588 settlement with Fidelity in an unfair competition lawsuit regarding the “Transaction Point” software system. KFMB-TV reported that the San Diego County District Attorney’s Office will receive $302,862 from the settlement. The county was co-counsel with the district attorneys of Ventura and Los Angeles counties in the civil consumer protection lawsuit. According to KFMB, the district attorneys alleged that brokers used “Transaction Point” to charge and collect unlawful fees of $25 or more from providers of the aforementioned services, including from service providers affiliated with Fidelity National, which made the payments on their behalf.
This settlement was the result of a civil complaint filed in Ventura Superior Court under California’s Unfair Competition Law, but you should know that your company has the right to sue for damages if competitors have used dubious tactics such as predatory pricing, false advertising or misrepresentation to undermine your business. Los Angeles business litigation attorney Robert Klein has more than 25 years of experience helping clients with a variety of business problems, and you can learn more about unfair business practices by competitors by visiting our website. If you need legal assistance with an unfair competition claim, use the form on this page or contact our firm at (323) 653-3900 to have our Los Angeles unfair competition attorney review your case.
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