CCC Information Services Inc., a subsidiary of CCC Information Services Group Inc., today announced that ChoiceParts, LLC and its three founding companies, including CCC, have signed a settlement agreement with the defendants in an antitrust case brought by ChoiceParts in federal court.
CCC owns a 27.5 percent interest in ChoiceParts, which it accounts for on an equity basis. As a result, CCC’s financial results for the third quarter will include an after-tax gain of approximately $5 million or its allocable share of the gain recognized by ChoiceParts.
Although CCC will record net income in the third quarter as a result of the settlement, the company will not receive settlement proceeds until ChoiceParts distributes those funds. The company is in discussions with the other founders of ChoiceParts regarding the distribution of the settlement proceeds although the timing of the distribution remains to be finalized.
CCC Information Services Group Inc., headquartered in Chicago, is a leading supplier of advanced software, communications systems, Internet and wireless-enabled technology solutions to the automotive claims and collision repair industries, serving approximately 21,000 collision repair facilities, 350 insurers, and other industry participants. For more information about CCC Information Services, visit CCC’s Web site at www.cccis.com.
Was this article valuable?
Here are more articles you may enjoy.