-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OL0/o1StvaZEtBnMEUygHFE0g+tKKRKwt6uHbBAnImrR/NTPBeX7My9Pu/JVgf4l Omhx7q23oSBsZr5t1ytw6Q== 0000950127-99-000163.txt : 19990624 0000950127-99-000163.hdr.sgml : 19990624 ACCESSION NUMBER: 0000950127-99-000163 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19990519 ITEM INFORMATION: FILED AS OF DATE: 19990527 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST AMERICAN FINANCIAL CORP CENTRAL INDEX KEY: 0000036047 STANDARD INDUSTRIAL CLASSIFICATION: TITLE INSURANCE [6361] IRS NUMBER: 951068610 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-13585 FILM NUMBER: 99635958 BUSINESS ADDRESS: STREET 1: 114 E FIFTH ST CITY: SANTA ANA STATE: CA ZIP: 92701-4699 BUSINESS PHONE: 7145583211 MAIL ADDRESS: STREET 1: 114 E FIFTH STREET CITY: SANTA ANA STATE: CA ZIP: 92701 FORMER COMPANY: FORMER CONFORMED NAME: FIRST AMERICAN TITLE INSURANCE & TRUST C DATE OF NAME CHANGE: 19690515 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 -------------------- FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ------------------- Date of report (Date of earliest event reported) May 19, 1999 ------------------------------ THE FIRST AMERICAN FINANCIAL CORPORATION - -------------------------------------------------------------------------------- (Exact Name of the Registrant as Specified in Charter) California 0-3658 95-1068610 - -------------------------------------------------------------------------------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 114 East Fifth Street, Santa Ana, California 92701-4642 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrants telephone number, including area code (714) 558-3211 ------------------------------ Not Applicable - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) Item 5. Other Events. On May 19, 1999, The People of the State of California, Kathleen Connell, Controller of the State of California, and Chuck Quackenbush, Insurance Commissioner of the State of California, filed a class action suit in the Sacramento Superior Court. The suit seeks to certify as a class of defendants all "title insurers", all "underwritten title companies" and all "controlled escrow companies" (as those terms are defined in the California Insurance Code) and all "independent escrow companies" (as that term is defined in the California Financial Code) doing business in the State of California from 1970 to the present who (i) hold or held dormant, unclaimed escrow funds; (ii) charged California home buyers and other escrow customers $10.00 or more for delivery services or administrative fees; (iii) charged California home buyers and other escrow customers reconveyance fees and/or (iv) earned interest (or its equivalent) from financial institutions on customers' deposited escrow funds. Although the following defendants have been named in the suit, they have not yet been served: Fidelity National Title Insurance Company, Spring Mountain Escrow Corporation and West Coast Escrow Company. Spring Mountain Escrow was acquired by First American from Norwest Mortgage, Inc. on January 1, 1999. The plaintiffs allege that the defendants unlawfully (i) failed to escheat unclaimed property to the Controller of the State of California on a timely basis; (ii) charged California home buyers and other escrow customers fees for services which were never performed, or which cost less than the amount charged; and (iii) devised and carried out schemes with financial institutions to receive interest, or monies in lieu of interest, on escrow funds deposited by defendants with financial institutions in demand deposits. Based upon public comments made by the Controller of the State of California, the plaintiffs intend to pursue this action against the title insurance and escrow industries operating in the State of California. First American, which has its headquarters located in Santa Ana, California, has title insurance and escrow operations throughout California. At this time, First American plans to closely monitor this action. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE FIRST AMERICAN FINANCIAL CORPORATION Date: May 27, 1999 By: /s/Thomas A. Klemens ----------------------- Name: Thomas A. Klemens Title: Executive Vice President and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----