COLUMBIA, S.C. - Mynd Corp. said it has settled a lawsuit filed against it by Chase Manhattan Mortgage Corp.
Chase sued Mynd and its Cybertek subsidiary for $20 million in February, charging that computer programs it had been sold did not work and did not meet the needs the banking company's mortgage unit had specified.
The suit was settled June 9, a Mynd spokesman said Monday. Terms were not disclosed.
Because of inaccurate information provided last week by Mynd, American Banker erred in reporting in an article on Mynd's earnings Monday that the Chase suit had been suspended.
Actually it was litigation between Computer Sciences Corp. of El Segundo, Calif., and Mynd that has been suspended pending the outcome of Computer Sciences' $16-a-share tender offer for Mynd.
Computer Sciences sued Mynd in Austin, Tex., charging trade secret misappropriation and unfair competition in connection with Mynd's Claims Outcome Adviser product. Mynd filed a defamation countersuit.