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Letter to the Editor
Wednesday December 21
CCC Announces Final Approval in National Class Action Litigation in Madison County, IL
CCC Information Services Inc., a subsidiary of CCC Information Services Group Inc., has announced that the Illinois Circuit Court for Madison County, Illinois has issued an order granting final approval of the settlement agreed to by the company, 15 of its customers, and the plaintiffs in various class actions consolidated in Madison County, Illinois, In re Total Loss Class Action Litigation Case Nos. 01 L 157, et al. The settlement includes no admission of liability or wrongdoing by CCC or its customers.The Honorable Judge Ralph Mendelsohn entered an order on December 20 giving final approval to the settlements and directing the implementation of their final terms. In July 2005, the company announced that it had received the Court's preliminary approval for settlement of these cases, which relate to the valuation of vehicles that have been declared a total loss by insurers.
"We are very pleased to see this matter near a close," said Githesh Ramamurthy, Chairman and Chief Executive Officer of CCC. "The Court's decision confirms that the settlement terms are equitable for all parties. We, in turn, believe that this is a very good result for CCC and its customers."
The settlement requires CCC to pay notice and administration fees and other costs associated with the settlement. The administrative process is underway, and the company estimates that these costs will total approximately $8 million, including available insurance proceeds of $1.8 million. The company is fully reserved for these payments. CCC will also engage the services of an independent third party as a Court-appointed monitor for five years following settlement. The monitor will periodically review the methodology used in CCC's valuation product and oversee the performance of various product validation studies.
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.
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