Charter Communications Inc. got the go-ahead to proceed with a settlement of approximately $83 million covering certain shareholder class-action and derivative lawsuits against the MSO.
The company said the Federal District Court for the Eastern District of Missouri approved its proposed settlement June 30, and its board of directors accepted the settlement Wednesday.
Charter will pay out 13.4 million shares of its class-A common stock with a deemed value of approximately $15 million, along with approximately $68 million in cash, for a total value paid of approximately $83 million.
That amount reflects the $80 million settlement payment, plus the $5 million payment to the insurance carrier, minus discounts for payment in cash to the insurance carrier and for plaintiffs' attorneys' fees.
Charter said it expects to deliver the settlement consideration Friday.