Shareholder Seeks Second Look At Company Data Security Practices

On November 25, 2020, a shareholder of First American Financial Corporation ("First American")  filed suit against the company and its officers and directors over a massive data security breach that exposed hundreds of millions of sensitive customer records. The shareholder derivative action, filed by Norman Hollett in Delaware federal court, alleges breaches of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, and multiple violations of the Securities Exchange Act of 1934, all relating to the failure to contain and timely disclose the breach.  First American provides real estate financial services such as residential and commercial title insurance. In connection with its business, First American compiles a variety of personally identifiable information, including names, email addresses, mailing addresses, dates of birth, social security numbers, bank account numbers, and other highly sensitive