InsWeb Corp., a producer of automobile insurance in the U.S., announced that a settlement has been reached in its litigation with eHealthInsurance.com.
The litigation stemmed from eHealthInsurance’s decision in February 2001 to reportedly terminate an agreement concerning the marketing of health insurance to consumers originating at InsWeb online marketplace. Although specific terms of the settlement agreement are confidential, eHealthInsurance has reportedly agreed to pay InsWeb $800,000 for the services performed by InsWeb prior to the termination of the marketing agreement. In addition, the parties have released all claims against each other relating to the marketing agreement.
InsWeb also announced that it expects first quarter results to vary from previously announced expectations due to this settlement.
With the addition of the $800,000 of other income, the company now anticipates the net loss from operations for the quarter ending March 31, 2003 to be between $1.0 million and $1.4 million, or a loss of between $0.16 and $0.23 per share.
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