Take-Two (finally) settles with investors for $20m over 'Hot Coffee' losses
Take-Two has settled a class action lawsuit filed against it way back in 2006 by investors claiming the publisher intentionally hid the infamous "Hot Coffee" content in Grand Theft Auto: San Andreas in order to avoid an "Adults Only" rating from the ESRB. According to the original complaint, once the content was discovered (Take-Two originally claimed it wasn't actually on the disc) the game was reclassified to "AO" and company stock dropped, costing the plaintiffs a whole lot of beans. The suit also claimed that Take-Two provided misleading investor guidance, leading to more plaintiff losses.
According to Take-Two, class members will receive a share of a $20.1 million settlement. (Investors had originally demanded a jury trial and an undisclosed amount to cover their losses, attorney fees, etc.) In a prepared statement, Take-Two chairman Strauss Zelnick said, "We are pleased to have reached this settlement, which represents another important step forward for the Company." Not as pleased as the plaintiffs are, we bet.
[Image credit: Kanko]
