Murdoch firm to pay Insignia $125 million
Business Law
Rupert Murdoch's News America Marketing has agreed to pay a whopping $125 million to settle a years-long lawsuit brought by tiny Insignia Systems Inc. that alleged Murdoch's people unfairly interfered and lied in attempt to take business from the Plymouth company, which provides in-store promotions.
The settlement, which is more than Insignia's market value and more than four times its 2009 revenue, was reached a day after the trial commenced before U.S. District Judge John Tunheim in Minneapolis.
The deal was announced after the markets closed Wednesday. Insignia's stock has traded lately at more than $6.50 per share, a five-year high and partly in anticipation by traders that Insignia would win a favorable outcome in light of recent, similar settlements reached by other competitors of News America, which is part of Murdoch's News Corp. holdings. Insignia shares closed at $7.57, up 3 percent in Wednesday's trading.
Under the settlement, New York-based News America will pay Insignia $125 million and Insignia will pay $4 million in return for a 10-year business arrangement that gives Insignia access to some News America clients. Insignia had sought more than $250 million in damages.
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