Web.com (WWWW) Settles Lawsuit, Expects to Receive $6 Million
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In Today's 8-K Filing: Web.com, Inc. (Nasdaq: WWWW) has settled a lawsuit in which it expects to receive $6,000,000, of which it will net approximately $3,600,000.
On January 13, 2007 the Company entered into a memorandum of understanding ("MOU") with its insurance carrier settling the Company's claims against the insurance carrier under an insurance policy for indemnification relating to a case filed against the Company in 2000 and previously settled in 2005. The MOU is subject to the completion by the parties of a definitive written settlement agreement on or before January 23, 2007 and the filing of a stipulation of dismissal in court. After deducting the Company's legal fees in the case, the Company expects the net payment to the Company from the settlement to be approximately $3,600,000, which will be recorded as income from discontinued operations on the Company's financial statements. The remaining terms of the settlement agreement are required to be kept confidential.
On January 13, 2007 the Company entered into a memorandum of understanding ("MOU") with its insurance carrier settling the Company's claims against the insurance carrier under an insurance policy for indemnification relating to a case filed against the Company in 2000 and previously settled in 2005. The MOU is subject to the completion by the parties of a definitive written settlement agreement on or before January 23, 2007 and the filing of a stipulation of dismissal in court. After deducting the Company's legal fees in the case, the Company expects the net payment to the Company from the settlement to be approximately $3,600,000, which will be recorded as income from discontinued operations on the Company's financial statements. The remaining terms of the settlement agreement are required to be kept confidential.
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