Press release: “SEATTLE, Nov. 7 /PRNewswire/ — Torrent Technologies (“Torrent”), a business services company that enables private insurers to participate in the National Flood Insurance Program, announced today that it has successfully settled the lawsuit brought against it by competitor National Flood Services (NFS), a unit of Fiserv.”
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“Torrent prompted resolution of the lawsuit by making a Rule 68 offer of judgment. The amount that Torrent offered, and what NFS accepted, was $25,000 — essentially, nuisance value and far less than the cost of defense. NFS’s acceptance of Torrent’s settlement offer came after two invasive rounds of fruitless electronic discovery….”