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Fidelity National’s Foley, Board End Buyout Suit for $20 Million

May 18, 2022, 9:32 PM

Fidelity National Financial Inc.'s billionaire chairman, William Foley II, and other members of its board will pay $20 million to resolve claims that they pushed the top US title insurer to buy another of his affiliates for $2.7 billion, according to court filings in Delaware.

The deal, docketed Wednesday in Delaware’s Chancery Court, also involves “a series of meaningful corporate governance reforms,” such as the creation of a new board committee tasked with overseeing related-party transactions. It assigns the lawsuit some credit for the board’s recent decision to add two independent directors.

The $20 million figure includes $4.4 million in ...