Activision Blizzard resolves class action lawsuits
When Activision Blizzard bought itself to be freed from Vivendi, there was no shortage of unhappy shareholders, leading to several class action lawsuits filed against the company and other attendant actors in response to the whole process. Those suits have now been resolved and the case is now closed; the parties have settled out of court, with the proposed settlement seeing some of the defendants paying a total of $275 million to Activision Blizzard as well as multiple insurance companies.
The Board of Directors wrote in a statement that "the transaction, structured through the efforts and significant personal investment of Bobby Kotick and Brian Kelly, has contributed to the creation of over $3 billion of value for shareholders" and that they are "pleased to be able to put this matter to rest."
Adjustments have also been made to said Activision Blizzard board of directors and aspects of the corporate structure, with the company paying all legal fees of the plaintiffs. Since multiple defendants were involved in the suit (including Activision Blizzard itself), it's still unclear exactly who took the hit for this particular lawsuit, but it does mean that the matter has been resolved to everyone's satisfaction.
