FNF Officers and Directors Voluntarily Repay Loans Under Stock Purchase Loan Programs
November 4, 2002
IRVINE, Calif., /PRNewswire-FirstCall/ -- Fidelity National Financial, Inc. (NYSE: FNF - News),a national provider of title insurance and real estate related products and services, announced that executive officers and directors that had outstanding loans under the Employee Stock Purchase Loan Program and Director Stock Purchase Loan Program have voluntarily repaid all principal and interest outstanding under those loan programs. Approximately $6.5 million of outstanding loans were repaid. No future loans will be granted under either of the loan programs, in compliance with the Sarbanes-Oxley Act of 2002. That act prohibits publicly traded companies from providing personal loans to directors and executive officers.
"While the Sarbanes-Oxley Act does not explicitly require our executive officers and directors to repay these existing loans, we felt that it was the proper thing to do in complying with the spirit of the legislation," said Chairman and Chief Executive Officer William P. Foley, II.
Fidelity National Financial, Inc., a Fortune 500 company, is the nation's largest title insurance and diversified real estate related services company. FNF had total revenue of nearly $3.9 billion and earned more than $300 million in 2001, with cash flow from operations of more than $425 million. The Company's title insurance underwriters -- Fidelity National Title, Chicago Title, Ticor Title, Security Union Title and Alamo Title -- together issue approximately 30 percent of all title insurance policies nationally. The Company provides title insurance in 49 states, the District of Columbia, Guam, Mexico, Puerto Rico, the U.S. Virgin Islands and Canada. In addition, FNF performs other real estate-related services such as escrow, default management and exchange intermediary services, and homeowners, flood and home warranty insurance.
Source: Fidelity National Financial, Inc.