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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: October 8, 2002
(Date of earliest event reported)
LANDAMERICA FINANCIAL GROUP, INC.
(Exact Name of Registrant as Specified in its Charter)
Virginia 1-13990 54-1589611
(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
101 Gateway Centre Parkway
Richmond, Virginia 23235-5153
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code:
(804) 267-8000
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Item 5. Other Events
On October 8, 2002, the Company reached a final settlement with the
State of California in the defendant class action lawsuit filed in the
Sacramento County Superior Court by the California Attorney General against the
Company and the Company's principal competitors in California (Case No.
99AS02793). The agreement reached with the State of California settles all
outstanding claims against the Company and certain of its subsidiaries for
alleged violations of California Business and Professions Code sections 17200
et. seq. and 17500 during the period from May 19, 1995 until the date of entry
of final judgment approving the settlement. The litigation was previously
reported by the Company in its Form 10-K for the fiscal year ended December 31,
2001.
Pursuant to the settlement, the Company will pay $1.6 million to the
California Attorney General and a total of $8.0 million in the form of (i) cash
payments to former escrow customers that meet certain eligibility requirements
and file timely claims and (ii) discounts on future escrow and title insurance
services to eligible customers as agreed to in the settlement. The settlement
arrangement also contains an injunction prohibiting the Company from engaging in
certain activities relating to the provision of title and escrow services in
California.
The Company's agreement to settle the lawsuit is part of a
comprehensive settlement of claims by the State of California with six major
title insurance companies doing business in California. The contemporaneous
settlements each included provisions relating to cash payments of various
amounts and injunctions. In reaching the settlement, the Company denied any
liability or wrongdoing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
LANDAMERICA FINANCIAL GROUP, INC.
(Registrant)
Date: October 11, 2002 By: /s/ G. William Evans
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G. William Evans
Chief Financial Officer