Chicago-based claims software provider CCC Information Services Group Inc. announced the settlement of a dispute that had been pending between the company and certain of its insurers that had issued insurance policies to the company over the past several years.
Under the terms of the settlement, which was signed Aug. 16, 2004, the insurers will pay the company approximately $4.75 million, and the parties have agreed to dismiss the legal proceedings relating to this matter and to provide mutual releases. The settlement involved a lawsuit filed by the company’s insurers involving coverage in connection with the litigation involving the company’s vehicle valuation product now known as CCC Valuescope Claim Services.
The company expects to use this settlement, along with previously accrued charges and other available insurance proceeds, for defense costs and/or settlements related to certain litigation involving CCC Valuescope Claim Services.
The company said it cannot predict at this time, however, whether total defense costs and/or settlements for this litigation will be more or less than the aggregate amount of the current recovery, previously accrued charges and other insurance proceeds. The company also cannot predict at this time whether any other insurance proceeds will be available for the defense and/or settlement of CCC Valuescope litigation.
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