Yesterday, the Seventh Circuit Court of Appeals overturned summary
judgment rulings from 2009 and 2011 in the Whiting contribution lawsuit
that had held NCR 100 percent liable for certain Fox River cleanup
costs. The court also vacated the declaratory judgment finding NCR
jointly and severally liable in the U.S. Government's enforcement action
and remanded the case for further consideration of NCR’s divisibility
defense. In addition, the court vacated the permanent injunction that
had been entered against NCR ordering it to remediate the Fox River.
Finally, the Seventh Circuit also upheld the ruling in NCR’s favor
finding that NCR does not have so-called “arranger liability” at the Fox
River.
NCR is pleased with the Seventh Circuit’s rulings. NCR took a leadership
position in cleaning up the Fox River, and believes that it has already
done more than its fair share of the work. NCR has consistently
advocated that a reasonable remediation project shared in by all
responsible parties should be the goal of the regulatory authorities. It
is now time for others to participate in the cleanup and to reimburse
NCR for costs paid in excess of its divisible share. NCR intends to
vigorously pursue these goals.
NCR is still analyzing the impact of these rulings. NCR expects a
favorable impact to NCR’s Fox River reserve, which was $95 million as of
June 30, 2014, and is also examining the impact on free cash flow.
About NCR Corporation
NCR Corporation (NYSE: NCR) is the global leader in consumer transaction
technologies, turning everyday interactions with businesses into
exceptional experiences. With its software, hardware, and portfolio of
services, NCR enables more than 485 million transactions daily across
retail, financial, travel, hospitality, telecom and technology, and
small business. NCR solutions run the everyday transactions that make
your life easier.
NCR is headquartered in Duluth, Georgia with approximately 29,000
employees and does business in 180 countries. NCR is a trademark of NCR
Corporation in the United States and other countries. The company
encourages investors to visit its web site which is updated regularly
with financial and other important information about NCR.
Web site: www.ncr.com,
www.ncrsilver.com
Twitter:
@NCRCorporation
Facebook:
www.facebook.com/ncrcorp
LinkedIn:
www.linkedin.com/company/ncr-corporation
YouTube:
www.youtube.com/user/ncrcorporation
Note to Investors - This news release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements use words such as “
“expect,” “believe,” “intend, and “pursue” and other similar expressions
or future or conditional verbs such as “will,” “should,” “would” and
“could”. They include statements about NCR's expectations with respect
to potential outcomes in pending environmental litigation and the
related impact on NCR’s reserves and free cash flow. Forward-looking
statements are based on management's current beliefs, expectations and
assumptions, and involve a number of known and unknown risks and
uncertainties, many of which are out of NCR's control.
Forward-looking statements are not guarantees of future performance, and
there are a number of factors, risks and uncertainties that could cause
actual outcomes and results to differ materially from the results
contemplated by such forward-looking statements. Factors that may cause
future results to differ include actions taken by the other parties, the
regulators and the courts in response to the Seventh Circuit decisions
announced yesterday, other matters relating to environmental exposures
from our historical and ongoing manufacturing activities and other
factors detailed in the Company's 2013 Annual Report on Form 10-K filed
with the U.S. Securities and Exchange Commission on February 27, 2014.
The Company does not undertake any obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
Copyright Business Wire 2014