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Case Status:    DISMISSED    
On or around 09/21/2010 (Stipulation and order of dismissal (voluntary dismissal))

Filing Date: June 23, 2008

The class action lawsuit was filed against First American Corporation on behalf of shareholders who purchased the common stock of the Company, asserting claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, 15 U.S.C. Sections 78j(b), 78n(a) and 78t(a). Named as defendants are First American, the Company's Chief Executive Office and Chairman of the Board, as well as the Company's Vice Chairman and Chief Financial Officer.

The Complaint alleges that, during the Class Period, First American and certain of the Company's officers and directors engaged in an illegal scheme with Washington Mutual, Inc. ("WaMu"), whereby the defendants, through First American's real estate subsidiary, eAppraiseIT LLC, prepared artificially inflated appraisals of homes for use in connection with mortgages issued by WaMu. During the Class Period, in quarterly earnings reports, the Company's management reported increased earnings from appraisal fees and reassured investors that internal controls were adequate. The Complaint alleges that First American's fees from the improper appraisals resulted in the Company overstating its gross profit margins and net income during the Class Period and that throughout the Class Period the defendants made false and misleading statements regarding the Company's internal controls and financial
performance.

On September 18, 2008, Judge Lewis A. Kaplan granted the motion to appoint the Berks County Employees' Retirement Fund as Lead Plaintiff and further approved their selection of Grant & Eisenhofer P.A. as Lead Counsel. On December 5, 2008, the plaintiff filed an Amended Class Action Complaint. On January 23, 2009, the defendants filed a motion to dismiss the Plaintiff's Amended Class Action Complaint. On April 22, 2009, Judge Kaplan denied the defendants' motion to dismiss the Amended Class Action Complaint.

On October 15, 2009, the lead plaintiffs filed a motion to certify the class, which was denied on August 31, 2010. On September 21, 2010, the parties filed a Stipulation of Voluntary Dismissal. The case has been dismissed with prejudice.

COMPANY INFORMATION:

Sector: Financial
Industry: Insurance (Prop. & Casualty)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FAF
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 08-CV-05654
JUDGE: Hon. Lewis A. Kaplan
DATE FILED: 06/23/2008
CLASS PERIOD START: 04/26/2006
CLASS PERIOD END: 11/06/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Grant & Eisenhofer (Wilmington)
    1201 N. Market Street, Suite 2100, Grant & Eisenhofer (Wilmington), DE 19801
    302.622.7000 302.622.7100 · lawyers@gelaw.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 08-CV-05654
JUDGE: Hon. Lewis A. Kaplan
DATE FILED: 12/05/2008
CLASS PERIOD START: 04/26/2006
CLASS PERIOD END: 11/06/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Grant & Eisenhofer (New York)
    485 Lexington Avenue, 29th Floor, Grant & Eisenhofer (New York), NY
    646.722.8500 646.722.8500 · lawyers@gelaw.com
  2. Grant & Eisenhofer (Wilmington)
    1201 N. Market Street, Suite 2100, Grant & Eisenhofer (Wilmington), DE 19801
    302.622.7000 302.622.7100 · lawyers@gelaw.com
No Document Title Filing Date