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Technology Stocks : CheckFree Holdings Corp. (CKFR), the next Dell, Intel?
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To: TLindt who wrote (3063)3/3/1999 9:17:00 AM
From: Wesley0428  Read Replies (4) of 20297
 
Intuit Files Complaint Against Checkfree

MOUNTAIN VIEW, Calif., March 3 /PRNewswire/ -- Intuit Inc. (Nasdaq: INTU) announced today that it is filing a complaint in California's Santa Clara County Superior Court seeking damages and injunctive relief against Checkfree Corporation.

The complaint states that Checkfree is not complying with the terms of its April, 1998 bill presentment agreement with Intuit. In the 1998 contract, Checkfree agrees to support Intuit web-based bill presentment products with its processing services, and not to offer web-based bill presentment products of its own in certain distribution channels.

Checkfree is the primary provider of bill pay and bill presentment processing services for Intuit and the financial institutions it works with. Intuit owns 19.9 percent of Checkfree.

Intuit Inc., a financial software and Web-based services company, develops and markets Quicken(R), the leading personal finance software; TurboTax(R), the best-selling tax preparation software; QuickBooks(R), the most popular small business accounting software; and QuickBooks(R) Payroll Solutions, a suite of payroll services for small businesses.

SOURCE Intuit Inc.

CO: Intuit Inc.; Checkfree Corporation
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