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Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: jwk who wrote (2912)	12/8/1998 5:44:00 PM
From: jwk	Read Replies (1) \| Respond to of 9818

more to follow? Will lawyers on both sides of the issue start to get the $ scent and behave accordingly? Cincinnati Financial sues over Y2K cover NEW YORK (Reuters) - Cincinnati Insurance Co. has filed a complaint in federal court in what may be the first action concerning an insurance company's Year 2000 obligations, according to a litigation newsletter. Cincinnati Insurance, a unit of Cincinnati Financial Corp (Nasdaq:CINF - news), filed the complaint in the U.S. District Court for the Northern District of Iowa against its insured and the plaintiff in an underlying Year 2000 case, according to Mealey Publications Reports. The insured, Source Data Systems, is a defendant in a suit filed in August by Pineville Community Hospital of Pineville, Ky., Mealey Publications said. The hospital maintains that Source Data Systems pledged that a $570,000 computer system installed in 1995 and 1996 would be Year 2000 compliant. But, Pineville said, promised repairs were never completed. Pineville said it now must install a new system estimated to cost $750,000 to $1.25 million, according to Mealey Publications. Cincinnati Insurance wants a declaration that it has no duty to defend or indemnify Source Data Systems and can recover defense costs already incurred, Mealey Publications said. Cincinnati Financial declined immediate comment. Additional details about the case were not immediately available. The Year 2000 problem, also known as the millennium bug, stems from an old programming shortcut that used only the last two digits of the year. Many computers now must be modified or they may mistake the year 2000 for the year 1900 or may not be able to function at all.