Statement From FDSC President Mark Kuhn

April 21, 2011
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Statement from Marl, Kuhn, President of the Funeral Directors Service Corporation, regarding the California Attorney General lawsuit filed April 18:

“The Attorney General is using a flawed state audit report launch a lawsuit that appears strongly motivated by grandstanding.

The California Master Trust (CMT) fund remains absolutely committed to fulfilling all the needs of 27,000 participants purchasing funeral pre-need plans and has honored all of its commitments to consumers. The fund is solvent at approximately $63 million with sufficient excess to ensure all future obligations are met.

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The CMT is in compliance with all laws and regulations that govern the CMT, which was actually formed in consultation with the California Department of Consumer Affairs in 1985. The accounting practices employed by the CMT have been reviewed and judged appropriate by no less than five different accounting finns over the years, with annual financial reports submitted to the state since the

CMT’S creation.

We are dismayed by the filing of this action, especially because the Attorney General has based her lawsuit on the state audit report that we are currently challenging in court as factually and legally inaccurate. We had been working in good faith with state officials to address the findings raised in their audit; but last November, we sought the court’s assistance to seek a timely resolution of outstanding disputes. Now, this legal action filed by the Attol’lley General mischaracterizes an entire industry and irresponsibly jeopardizes hundreds of small California businesses. Further, the lawsuit will unnecessarily alarm those consumers who have already purchased, or may purchase, pre-need plans.”

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