Comcast Settles with Ex-TCI Shareholders
By Mike Farrell -- Multichannel News, 10/31/2006 12:37:00 PM
Comcast said Tuesday in a Securities and Exchange Commission filing that it will contribute about $44 million toward a settlement for former shareholders of Tele-Communications Inc.
In its 10-Q quarterly statement filed Oct. 31, Comcast said the suit stemmed from AT&T’s purchase of TCI in 1999. At the time, several class-action suits were filed against both companies, claiming breach of fiduciary duties.
As part of its 2002 purchase of AT&T Broadband, Comcast agreed to indemnify AT&T for certain liabilities and to indemnify TCI’s former directors for certain obligations regarding the lawsuits.
In the SEC filing, Comcast said a settlement agreement in principle was reached in October between the parties, subject to court approval. Comcast said in the filing that it agreed to contribute about $44 million to the settlement.
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