Conduent Reaches Agreement with State of Texas to Settle Claims Regarding Medicaid Contracts with Predecessor Companies
FLORHAM PARK, N.J., Feb. 19, 2019 /PRNewswire/ -- Conduent Incorporated (NYSE: CNDT) today announced it has entered into a settlement agreement with the state of Texas regarding claims related to two previous contracts supporting the state's Medicaid program.
All of these allegations relate to the 2004-2014 time period, when the company was owned by predecessor companies. In the settlement agreement, Conduent denied any improper actions occurred during the performance of the two contracts.
"We are pleased to put this legacy issue behind us. This settlement provides clarity on the financial impact and we have sufficient liquidity to address it," said Ashok Vemuri, Chief Executive Officer, Conduent. "Texas remains an important client for us and we are focused on continuing to bring value to our client and its citizens."
Pursuant to the terms of the agreement, the company will pay the state $235,942,000 over a period of three years in full settlement of the claims asserted against the defendants.
For additional information, please see previous disclosures regarding this matter in the company's prior SEC filings.
About Conduent
Conduent creates digital platforms and services for businesses and governments to manage millions of interactions every day for those they serve. We are leveraging the power of cloud, mobile and IoT, combined with technologies such as automation, cognitive and blockchain to elevate every constituent interaction, driving modern digital experiences that are more efficient, helpful and satisfying.
Conduent's differentiated offerings touch millions of lives every day, including two-thirds of all insured patients in the U.S. and nearly nine million people who travel through toll systems daily. Whether it's digital payments, claims processing, benefit administration, automated tolling, customer care or distributed learning – Conduent serves a majority of the Fortune 100 companies and more than 500 government entities. Learn more at www.conduent.com.
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries.
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SOURCE Conduent Incorporated
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