California Court Overturns Order in Favor of CBIZ Valuation Group, Inc.
CLEVELAND, July 13 /PRNewswire-FirstCall/ -- Century Business Services, Inc. ("CBIZ") (Nasdaq: CBIZ) has announced that the previous admissions by CBIZ Valuation Group, Inc. have been withdrawn by order of the Court in the case In Re Heritage Bond Litigation, 02-ML-1475 DT (RCx) pending in the Central District of California. The claims underlying this case have been pending since 2001 and relate to services performed from 1996 through 1999.
On June 28, 2004, following a hearing before U.S. District Court Judge Dickran Tevrizian, the Court granted the motion of CBIZ Valuation to reconsider and set aside the Magistrate Judge's earlier order. The admissions have been withdrawn and CBIZ Valuation has been given additional time to file a proper response to the requests for admissions.
Although the Company cannot predict the outcome of this case, the Company continues to believe that it has a strong defense to the claims against its subsidiaries. The Company will continue to vigorously defend this matter. Although the ultimate disposition of this proceeding is not presently determinable, management continues to believe that the ultimate resolution of this matter will not have a material adverse effect on the financial condition, results of operations or cash flows of CBIZ.
CBIZ is a provider of outsourced business services to small and medium- sized companies throughout the United States. As the largest benefits specialist, and one of the largest accounting, valuation and medical practice management companies in the United States, CBIZ provides integrated services in the following areas: accounting and tax; employee benefits; wealth management; property and casualty insurance; payroll; IS consulting; and HR consulting. CBIZ also provides valuation; litigation advisory; government relations; commercial real estate advisory; wholesale life and group insurance; healthcare consulting; medical practice management; worksite marketing; and capital advisory services. These services are provided throughout a network of more than 160 Company offices in 34 states and the District of Columbia.
For further information regarding CBIZ, call the Investor Relations Office at (216) 447-9000 or visit http://www.cbiz.com .
SOURCE Century Business Services, Inc.