Gemstar Settles Three Suits1/03/2005 9:10 AM Eastern
Gemstar-TV Guide International Inc. announced three settlement agreements Monday.
The company said it has settled State of New Jersey, Department of the Treasury, Division of Investment vs. Gemstar-TV Guide International Inc., et al.; Silvertree Capital LLC vs. Gemstar-TV Guide International Inc., et al.; and the four consolidated shareholder derivative lawsuits in which the company, certain directors and executive officers and others were sued in the cases captioned Priebe, et al., vs. Boylan, et al., and related actions, and Brad Knowles vs. Henry C. Yuen, et al.
Gemstar added that the settlement of the derivative actions -- which includes the payment of plaintiffs' attorneys' fees by the company and the implementation of certain corporate-governance provisions -- remains subject to approval from the appropriate courts.
The company added that it will not admit any wrongdoing in settling the cases.