Computer software company TenFold Corp. Tuesday said it has settled a dispute with customer Southern Company Energy Marketing L.P., now known as Mirant Americas Energy Marketing L.P.
The settlement called for both companies to dismiss all claims against the other without either party admitting liability, but TenFold's "errors and omissions" insurance carriers paid a "compromised and confidential" settlement sum above the $100,000 of insurance retention paid by TenFold to cover legal defense costs.
TenFold said both parties are now in the process of dismissing the arbitration proceedings.
"We are extremely pleased to have settled our seventh and last active customer dispute . . . and pending litigation that has burdened the company," said Nancy Harvey, president and chief executive officer. "We are pleased to have this period of litigation behind us and to be able to concentrate on continuing our business turnaround."
TenFold's stock closed Monday at 80 1/2 cents per share, up 0.62 percent, on the NASDAQ market, where it trades under the symbol TENFC.