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EXHIBIT 99.1
U.S. DISTRICT COURT GRANTS FINAL APPROVAL OF
PREVIOUSLY ANNOUNCED CENDANT CLASS ACTION LITIGATION SETTLEMENT
NEW YORK, N.Y., AUGUST 15, 2000---Cendant Corporation (NYSE: CD) today
announced that the US District Court in Newark, New Jersey today approved as
final the previously announced class action litigation settlement with Cendant
common stockholders. The approval of the settlement is subject to appeal during
the next 30 days. No material objections were made with respect to the gross
amount of consideration to be paid by Cendant.
Cendant Chairman, President and CEO, Henry R. Silverman stated: "We are
very pleased with the court's decision to approve our settlement agreement. We
are grateful to have closed this unfortunate chapter in our company's history."
Cendant Corporation is a global provider of real estate, travel and
direct marketing related consumer and business services. The Company's core
competencies include building franchise systems, providing outsourcing solutions
and direct marketing. As a franchiser, Cendant is among the world's leading
franchisers of real estate brokerage offices, hotels, rental car agencies, and
tax preparation services. The Company's real estate-related operations also
include Move.com Group, Cendant's relocation, real estate and home-related
services portal on the Internet. As a provider of outsourcing solutions, Cendant
is a major provider of mortgage services to consumers, the global leader in
employee relocation, and the world's largest vacation exchange service. In
direct marketing, Cendant provides access to insurance, travel, shopping, auto,
and other services primarily to customers of its affinity partners. In addition,
Cendant Internet Group is pursuing a convergence strategy for the Company's
off-line and online businesses. Other business units include NCP, the UK's
largest private car park operator, and WizCom, an information technology
services provider. Headquartered in New York, NY, the Company has approximately
28,000 employees and operates in over 100 countries.
More information about Cendant, its companies, brands and current SEC
filings may be obtained by calling 877-4INFO-CD (877-446-3623) or by visiting
the Company's Web site at www.Cendant.com.
Media Contact: Investor Contacts:
Elliot Bloom Denise Gillen Sam Levenson
212-413-1832 212-413-1833 212-413-1834
