Stocks & Investing
Stocks and Investing
Stocks and Investing
Mon, December 31, 2012
Sun, December 30, 2012 Constellation Announces an Arbitration Ruling in Relation to a Previously Disclosed Customer Dispute
December 30, 2012 21:06 ET
Constellation Announces an Arbitration Ruling in Relation to a Previously Disclosed Customer Dispute
TORONTO, ONTARIO--(Marketwire - Dec. 30, 2012) - Constellation Software Inc. ("Constellation") (TSX:CSU) today announced that one of its wholly-owned subsidiaries obtained an arbitration ruling in relation to a previously disclosed customer dispute.
The arbitration ruling concluded that no amounts were owing from the subsidiary to the customer for the various claims made by the customer and that the customer owes the subsidiary approximately $10 million in fees for services provided and for amounts owing due to a breach of contract by the customer.
Constellation will follow the required procedures to confirm the award into a judgment and enforce it, and is currently assessing the impact of this ruling on its financial results.
Further details of the customer claim and dispute can be found in Constellation's September 30, 2012 unaudited financial statements and Management Discussion and Analysis under "Acquisition of certain software assets and liabilities from MAXIMUS Inc.".
