Fidelity National Financial, Giant Group Trade Charges

Fidelity National Financial Inc., engaged in a bitter proxy battle for Giant Group Ltd., has accused the Beverly Hills company of delaying its annual shareholders meeting to stall Fidelity’s hostile takeover bid.

Giant, in turn, accused Fidelity’s chairman, William P. Foley II, of causing the delay by refusing to submit to a deposition in a lawsuit it has filed against him and Fidelity on alleged securities violations. Foley and his Irvine title insurance company have countersued.

Giant, run by former Hollywood producer Burt Sugarman, has spurned Fidelity’s $61-million offer and has adopted a so-called poison pill strategy to defend against any takeover.

Fidelity and Foley own 15% of Giant, a former cement company that holds a 47% stake in Rally’s Hamburgers Inc., a fast-food chain. Fidelity and Foley control CKE Restaurants Inc., the Anaheim operator of the Carl’s Jr. fast-food chain.