Nike Wants Insurers To Pick Up $100 Million Y2K Tab (AP)greenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
Translation: Lawyers win Y2K.
Nike wants insurers to pick up $100 million Y2K tab
Saturday, December 11, 1999
[Fair Use: For Educational/Research Purposes Only]
(12-11) 03:07 PST BEAVERTON, Ore. (AP) -- Nike Inc. has spent nearly $100 million getting its computers ready for 2000 and it wants its insurance companies to pay the bill.
Nike sued two property insurance companies last month in Washington County Circuit Court, seeking reimbursement of Y2K expenses. The case was moved to U.S. District Court in Portland this week at the request of the insurers.
American Home Insurance Co. of New York and Factory Mutual Insurance Co. of Rhode Island have not filed answers to Nike's complaint.
Other companies have claimed Y2K expenses are covered by insurance policies protecting computer systems. GTE, Xerox and Unisys are among those suing insurers in recent months.
None of the lawsuits has been resolved.
``We're not alone among large companies,'' said Vada Manager, Nike's director of global issues management.
Nike launched its year 2000 repairs in May 1997. As of Aug. 31, Nike had spent $97 million to fix its Y2K problems and was expected to spend an estimated $100 million to $110 million.
-- Diane J. Squire (firstname.lastname@example.org), December 11, 1999
LET THE LAWSUITS BEGIN!!! As always the only ones who will win in this situation is the Da** lawyers.
-- kozak (email@example.com), December 11, 1999.