Chicago-based claims software-maker CCC Information Services Inc. and 15 of its customers signed a settlement agreement with plaintiffs in various class action suits pending in Madison County, Ill., relating to the valuation of vehicles that insurers have declared total losses.
The settlement includes no admission of liability or wrongdoing by CCC or its customers. The proposed classes represent all customers of the settling carriers who had a total loss claim from Jan. 28, 1989, to the present, for which CCC’s product and service (now called CCC Valuescope) were used to perform the valuation.
Terms of the settlement agreement require CCC to pay notice and administration fees and other costs associated with the settlement. The company estimates these costs will total about $8 million, and including available insurance proceeds of $1.8 million, the company is fully reserved for these payments. Other settlement costs, including claims by class members, will be paid by the insurers participating in the settlement.
CCC will also engage the services of an independent third party as a court-appointed monitor to periodically review CCC Valuescope’s methodology for five years following settlement and to oversee the performance of various product validation studies.
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