CheckFree Public Statement Regarding Release Issued by Intuit Corporation on March 3, 1999, Announcing Intent to File a Complaint Against CheckFree
ATLANTA, March 4 /PRNewswire/ -- The following statement was issued today by CheckFree Corporation:
CheckFree (Nasdaq: CKFR - news) and Intuit Corporation (Nasdaq: INTU - news) have enjoyed a long-standing partnership that has benefited both organizations. Intuit, in fact, owns just under 20 percent of CheckFree, and participates in many of our Board meetings and strategy decisions.
Nonetheless, as can be expected in any long-term partnership arrangement -- particularly one that attempts to anticipate the needs of an emerging, fast-paced market -- differences in opinion can arise regarding how a partnership arrangement should be interpreted. Such a difference of opinion has arisen now, and Intuit has chosen to file a lawsuit against CheckFree.
The contract we have with Intuit contains a mutual confidentiality agreement, so we will not comment on any details of our agreement, nor of the dispute. We will say that we expect it to be resolved expeditiously, and that we are confident that we have been correct in all actions that we have taken.
We also want to make clear that this matter does not affect any of our existing bill presentment or bill payment contracts, nor does it affect any of the customers we serve or have agreed to serve. We are confident that our agreement with Intuit does not prevent us from making CheckFree services available to as many consumers as possible, as quickly as possible, at whatever access points they choose.
SOURCE: CheckFree Corporation
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