No actual collision

What is the name of your state? California

So I was driving today and this rich guy with an Infiniti M35x decided to speed down the lane that I was in the process of switching over into. My car did not hit his car. He braked hard and pulled off the side of the road where his $425 a piece rims got chipped on a curb. There was no need to swerve off the road, I quickly pulled back to the original lane. I exchanged insurance and info with the man. Am I at fault? Do I have to pay $850+ to replace his rims?

If you were trying to merge into the lane that HE was already established in (regardless of his speed), then you are at fault. Report it to your insurance company and let them take care of it.

Did you signal in advance of your lane change, and was he behind or next to you when you started to move over? I sounds like you may have neglected to notice him already there or gaining on you when you made your move, which could be considered "failure to yield" on your part.

So I was driving today and this guy decided to speed down the lane that I was in the process of switching over into.

According to your facts, you are guilty.