Fidelity National Financial Inc (NYSE:FNF) Investor Investigation Over Potential Breaches Of Fiduciary Duties

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Company Name(s): 
Fidelity National Financial
Affected Securities: 

April 25, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in NYSE:FNF shares was announced over possible breaches of fiduciary duties in connection with potential wrongdoing by certain directors and officers at Fidelity National Financial Inc in connection with certain transaction.

The investigation by a law firm focuses on possible shareholder claims based on potential breaches of fiduciary duties. Specifically, the investigation concerns whether certain directors and officers at Fidelity National Financial Inc breached their fiduciary duties.

Fidelity National Financial Inc reported that despite that its annual Revenue fell from $5.52billion in 2009 to $4.83billion in 2011, its Net income rose from $222.30million in 2009 to $369.50million in 2011.

Fidelity National Financial said recently that during 2011 it paid $453,382 to Rock Creek Cattle Company, Ltd., a company owned by its Executive Chairman, William P. Foley II, in fees related to company meetings at the facility and membership dues for certain company officers, including $18,000 in dues for our named executive officers. Fidelity National Financial also said it also paid $13,249 to Hotel Les Mars, LLC, $25,974 to Foley Family Wines, $1,172 to Kuleto Estate, $57,946 to EOS Acquisition II, LLC, $1,985 to Glacier Jet Center, $1,171 to Mackenzie River Pizza Whitefish, $12,483 to Foley Estates Vineyards and Winery and $1,335 to Glacier Restaurant Group, LLC., each a company owned or controlled by its Executive Chairman William P. Foley II.

Fidelity National Financial also said that Hennelly & Grossfeld, LLP, a law firm in which Mr. Willey, the Vice Chairman of the Board of directors of Fidelity National Financial, is a partner, acted as claims counsel to the Company and Fidelity National Financial paid over $6million in legal fees and expenses to Hennelly & Grossfeld, LLP in 2011.

Shares of Fidelity National Financial Inc (NYSE:FNF) rose from as low as $7.39 per share in November 2008 to almost $23 in April 2009, but then fell in July 2009 to $12.92 per share. Since then NYSE:FNF shares continuously slowly increased in value and closed on April 18, 2012 at $18.67 per share.