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.
No related content found.
Featured Company
-
Telestream
Telestream products are used by the world's leading media and entertainment companies and corporations for transcoding and workflow automation. Telestream helps customers transform their media for multiplatform distribution to web, mobile, DVD, cable VOD, podcast and broadcast pl..more
VIEW ALL GALLERIES
