© Reuters. FILE PHOTO: New York state Lawyer Common Letitia James speaks at a information convention in New York, U.S., September 8, 2022. REUTERS/Caitlin Ochs/File Photograph
By Jonathan Stempel
NEW YORK (Reuters) – Constancy Nationwide Monetary (NYSE:) Inc can pay $3.5 million to settle New York Lawyer Common Letitia James’ claims that the most important U.S. title insurer illegally conspired with rivals to not solicit one another’s workers.
Below an settlement made public on Wednesday, Constancy additionally agreed to finish all “no-poach” agreements inside 30 days, and cooperate with James’ probe into the title insurance coverage business.
James stated no-poach agreements, whether or not written or oral, scale back competitors for employees, leading to decrease wages and advantages and impeding profession progress.
She additionally stated they’re pointless in a well-functioning labor market, and that Constancy’s use of them violated federal and state antitrust legal guidelines.
Constancy didn’t admit or deny wrongdoing. It promised to inform James’ workplace if it discovered of unlawful no-poach agreements over the subsequent 10 years.
The Jacksonville, Florida-based firm didn’t instantly reply to requests for remark.
Constancy has stated it ended January with almost 21,800 workers, and thought of its relations with them usually good.
James has since September 2021 reached related civil settlements totaling $4.75 million with the title insurers Stewart Data Providers (NYSE:) Corp, AmTrust Monetary Providers Inc and Outdated Republic Worldwide (NYSE:) Corp.