Take-Two Agrees To Settle Shareholder Suit Over EA BidTake-Two Agrees To Settle Shareholder Suit Over EA Bid

Grand Theft Auto publisher Take-Two has entered an agreement to settle a class-action lawsuit brought against it by a shareholder regarding Electronic Arts' 2008 takeover bid. According to a MarketWatch report, the shareholder who filed the March 2008 complaint in Delaware is one Patrick Solomon, who objected to the company's unwillingness to consider EA's longstanding $26 per share offer. EA eventually rescinded the proposed deal after repeated rejections from Take-Two's management. The settlement reportedly doesn't provide monetary damages to Solomon and the unnumbered class, as Take-Two claims its insurance will cover any legal fees the plaintiff's attorney tries to collect. Just recently, Take-Two settled another outstanding lawsuit, reaching two separate agreements with the SEC and the New York County District Attorney on allegations of stock option backdating and false income reports -- allegations the company neither admits nor denies.