Fidelity National Financial, Inc. Issues Statement Refuting Significant Inaccuracies and the Omission of Important Facts in New
January 07 2010 - 8:58AM
PR Newswire (US)
JACKSONVILLE, Fla., Jan. 7 /PRNewswire-FirstCall/ -- Fidelity
National Financial, Inc. (NYSE:FNF) emphatically refutes the
significant inaccuracies and highlights the omission of important
facts in the January 7, 2010 New York Times article concerning the
company. FNF's SEC disclosure complied with all applicable laws and
regulations. Further, FNF believes that such disclosures as of
their dates present an accurate and fair view of all material
matters relating to the Company. The company notes the following:
-- Claims litigation is an ordinary course occurrence for FNF. As
an insurance company with over $2.6 billion of loss reserves as of
September 30, 2009, FNF's routine business is evaluating and paying
claims, some of which can be large. Therefore, disclosure of these
specific claims was not required under any law or regulation of the
SEC and these matters were otherwise immaterial; -- The specific
claims described were also excludable from FNF's legal proceedings
disclosure under Item 103 of the SEC's Regulation S-K, which sets a
dollar threshold below which disclosure is not required; --
Nevertheless, FNF did provide disclosure about the impact of these
claims and related insurance receivables on its cash flows
beginning with the first quarter of 2008; -- None of FNF's current
employees have asserted Fifth Amendment rights Although the article
does acknowledge that FNF has fully cooperated with the federal
investigation, it is important to point out that FNF is actively
fighting mortgage fraud, is a member of several working groups
assisting the FBI with combating mortgage fraud, and is proud of
the efforts of its thousands of employees in preventing these
crimes. Fidelity National Financial, Inc. (NYSE:FNF), is a leading
provider of title insurance, specialty insurance, claims management
services and information services. FNF is the nation's largest
title insurance company through its title insurance underwriters -
Fidelity National Title, Chicago Title, Commonwealth Land Title,
Lawyers Title, Ticor Title, Security Union Title and Alamo Title -
that issue more title insurance policies than any other title
company in the United States. FNF also provides flood insurance,
personal lines insurance and home warranty insurance through its
specialty insurance business. FNF also is a leading provider of
outsourced claims management services to large corporate and public
sector entities through its minority-owned subsidiary, Sedgwick
CMS. FNF is also a leading information services company in the
human resource, retail and transportation markets through another
minority-owned subsidiary, Ceridian Corporation. More information
about FNF can be found at http://www.fnf.com/. This press release
contains forward-looking statements that involve a number of risks
and uncertainties. Statements that are not historical facts,
including statements about our beliefs and expectations, are
forward-looking statements. Forward-looking statements are based on
management's beliefs, as well as assumptions made by, and
information currently available to, management. Because such
statements are based on expectations as to future economic
performance and are not statements of fact, actual results may
differ materially from those projected. We undertake no obligation
to update any forward-looking statements, whether as a result of
new information, future events or otherwise. The risks and
uncertainties which forward-looking statements are subject to
include, but are not limited to: changes in general economic,
business and political conditions, including changes in the
financial markets; adverse changes in the level of real estate
activity, which may be caused by, among other things, high or
increasing interest rates, a limited supply of mortgage funding or
a weak U. S. economy; our potential inability to find suitable
acquisition candidates, acquisitions in lines of business that will
not necessarily be limited to our traditional areas of focus, or
difficulties in integrating acquisitions; our dependence on
operating subsidiaries as a source of cash flow; significant
competition that our operating subsidiaries face; compliance with
extensive government regulation of our operating subsidiaries; and
other risks detailed in the "Statement Regarding Forward-Looking
Information," "Risk Factors" and other sections of the Company's
Form 10-K and other filings with the Securities and Exchange
Commission. DATASOURCE: Fidelity National Financial, Inc. CONTACT:
Daniel Kennedy Murphy, Senior Vice President and Treasurer,
+1-904-854-8120, Web Site: http://www.fnf.com/
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