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Case ID: 4351 | Automotive | 12/28/2005
CCC Information Services Inc., a subsidiary of CCC Information Services Group Inc., announced July 13, 2005 it and 15 of its customers signed a settlement agreement with the plaintiffs in various class action suits pending in Madison County, Illinois. The consolidated suits relate to the valuation of vehicles that have been declared total losses by insurers. The lawsuit alleged the insurance companies used a computer system to routinely pay below-market claims when vehicles were declared total losses.
CCC Information Services Group Inc. (NASDAQ: CCCG), 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. Those that were eligible to make a claim were policyholders who received a payment for a total-loss vehicle claim between Jan. 28, 1989, and July 18, 2005, and whose vehicle value was calculated by CCC Information Services Incorporated. The proposed classes represent all customers of the settling carriers who had a total loss claim from January 28, 1989 to the present, for which CCC's product and service (now called CCC Valuescope(R)) were used to perform the valuation. The total amount the insurance companies will pay to policyholders depends on the number of people making claims. Terms of the settlement agreement will require CCC to pay notice and administration fees and other costs associated with the settlement. The Company estimates that these costs will total approximately $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 insurance companies that are participating in the settlement. In addition to its settlement contribution, 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. The settlement itself is subject to Court approval, and a motion seeking preliminary approval of the settlement was filed with the Court today. Notice to members of the settling classes will then be issued, and the Company anticipates that a final approval hearing will take place before the end of 2005. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Automotive Cases of Interest Vehicle leases, like other contracts, are governed by the actual language within the contract itself, and the parties may not add or subtract anything from that agreement. A Florida class action has been filed against auto leasing company U.B. Vehicle Leasing, Inc., on behalf of vehicle lessees who allege that the company charged them "taxes" that were actually just undisclosed fees to cover wear and tear, and excess mileage on the vehicles, in violation of Florida consumer protection laws and the federal Consumer Leasing Act. The theory of diminished value asserts that buyers choosing between two otherwise equal vehicles will select one that has not been previously damaged and repaired, even where the repairs to the other vehicle were first-rate. The parties have reached a tentative $2,346,535 settlement in an action filed against SAFECO Insurance Company of America and numerous affiliated companies on behalf all persons insured by an automobile insurance policy issued in Georgia by the defendants and who made a claim for damage to their vehicles under their collision, comprehensive, underinsured, or uninsured motorist coverage for a loss that occurred between June 19, 1997, and November 28, 2001. Though there is no claims deadline at this time, persons who are eligible to take part in the settlement who have not received a notification letter should act as soon as possible to alert the company of their eligibility. The theory of diminished value asserts that buyers choosing between two otherwise equal vehicles will select one that has not been previously damaged and repaired, even where the repairs to the other vehicle were first-rate. On July 10, 2003, the court gave final approval to a settlement, apparently valued at $825,000, in a class action on behalf all persons insured by an automobile insurance policy issued in Georgia by American Manufacturers Mutual Insurance Company, American Protection Insurance Company, or Lumbermen's Mutual Casualty Company and who made a claim for damage to their vehicles under their collision, comprehensive or uninsured motorist coverage over a specified time period. Though there is no claims deadline at this time, persons who are eligible to take part in the settlement who have not received a notification letter should act as soon as possible to alert the company of their eligibility. A judge in St. Louis, Missouri has approved a tentative settlement of a class-action lawsuit against Enterprise Leasing Co. over surcharges the company has charged vehicle renters since July 1997. A U.S. district judge recently certified a national class-action lawsuit brought by a Detroit businessman against Illinois-based Caterpillar Inc. over diesel engines the company makes for large yachts. A class action lawsuit has been filed in federal court against General Motors Corporation. The case involves product liability claims and was originally filed in state court in Bergen County New jersey but has not been removed to the federal court system at the request of the defendants. No additional information about the substance of the allegations is available at this time. Classactionamerica.com will monitor this case and provide additional details as soon as they become available. |
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