Cendant Agrees to Settle Class Action Suit

Share this content:
Cendant Corp., New York, the direct marketing and franchise company, yesterday agreed to pay $2.83 billion to settle a class action lawsuit over accounting irregularities brought by shareholders, making it the largest settlement of a shareholder lawsuit in U.S. history.


Accounting irregularities occurred last year at CUC International, which became part of Cendant after its merger with HFS Inc. two years ago. Cendant continues its claims against Ernst & Young, the former CUC auditor, for professional malpractice and breach of contract claims in connection with the accounting irregularities.


Cendant did not indicate when it would make the settlement payment, but an appeal to the settlement is likely, which might set back that time frame.
close

Next Article in Marketing Strategy

Sign up to our newsletters

Company of the Week

Since 1985, Melissa has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above