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 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.
SOURCE Fidelity National Financial, Inc.