A jury's $18.8 million judgment against USI Holdings Corp in a copyright case brought by a Philadelphia insurance brokerage firm will not impact USI's rating, Standard & Poor's said yesterday.
The New York-based rating service said it does not consider the verdict a liquidity issue for the firm. S&P said USI, as of March 31, has about $29 million in cash on hand and an additional $74 million under its revolving credit facility.
S&P's rating of USI brokerage is "double-B-minus."
On Tuesday, a federal jury in Philadelphia found USI and one of its employees, Thomas P. Haughey, guilty of copyright infringement over the use of contract proposal documents, which the Graham Company said Haughey obtained when he worked at the firm.
Mr. Haughey is a senior executive working for USI subsidiary USI MidAtlantic Inc. (see NU Online story June 29).
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