Interstate National Dealer Services, Inc. Announces Settlement of Litigation
Interstate National Dealer Services, Inc. on Oct. 12 announced that is has resolved and settled a group of legal proceedings and related litigation in New York and Texas.
As part of the settlement, certain administrative responsibilities and insurance coverage with respect to a certain group of service contracts were transferred to a third party. In this connection, Interstate will record an after tax charge of approximately $2.7 million in the current quarter, according to Chester H. Luby, chairman and CEO of Interstate.
"Interstate continues to maintain its strong balance sheet and as of July 31, 2001, the end of our third quarter, the company had cash and investments at a record level of $69.8 million," Luby said.
About Interstate National Dealer Services, Inc.
Interstate is a nationwide provider of service contracts and extended warranties, primarily for new and used cars and recreational vehicles, as well as watercraft, manufactured housing, motorcycles and other power sport vehicles.
For additional information visit www.inds.com and www.warrantydirect.com.
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