A Medical Device Daily
QuadraMed (Reston, Virginia) reported that it has settled its lawsuit with Jim Durham, former CEO of the company, making an immediate cash payment of about $3.6 million to him and saying that it will issue to him an additional note in the amount of $1.4 million.
The company said the timing of payments under the note is linked to the realization of amounts invested in a split-dollar insurance arrangement with Durham. The immediate payment of $3.6 million will be funded principally by the liquidation of certain assets earmarked for such a purpose, it said.
The settlement includes various releases from both parties. The net impact, the company said, will be no “material effect” on operating results.
QuadraMed is a provider of healthcare information technology and services. It has a staff of 700 serving about 2,000 healthcare provider facilities.