Kemper (KMPR) said late Wednesday that its subsidiary, Kemper Corporate Services, Inc., has won an arbitration award in the amount of $141.7 million against Computer Sciences Corp. and its parent company, DXC Technology (DXC).
Back in November, the arbitration court found that Computer Sciences had breached a contract for the delivery of certain policy administration and billing software. Kemper sought direct damages of $84.3 million, prejudgment interest at an annual rate of 9%, and $7.2 million for costs and expenses associated with the arbitration. The company subsequently filed a motion to confirm the award while Computer Sciences moved to partially vacate the award. The court rejected Computer Sciences’ motion to vacate.
Kemper said that it received a payment of $35.7 million that includes approximately $28.5 million for the portion of the direct damages that is not contested by Computer Sciences and the $7.2 million in costs and expenses noted above. It also said that Computer Sciences is planning to appeal the court’s ruling.
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