John Malone and certain Charter Communications board members have agreed to pay $87.5 million to settle a seven-year-old investor lawsuit accusing the American billionaire businessman of being unfairly compensated in Charter’s 2015 acquisition of Time Warner Cable.
The deal was proposed in a Delaware court filing Friday. It does not carry any admission of wrongdoing, and the money will be paid directly to Charter.
Charter investors sued Malone and members of the company’s board of directors in 2015 concerning an alleged side-deal in the company’s $78.7 billion merger with Time Warner Cable. The lawsuit said Malone set up the deal to benefit his company Liberty Broadband – Charter’s largest shareholder at the time – in a way that was unfair to Charter.
The case was set to go to trial in Spring.
