Microsoft has agreed to pay $250 million to settle a shareholder lawsuit related to its $75.4 billion acquisition of Activision Blizzard. Compensation will be provided to investors who suffered losses as a result of the deal once the settlement receives final court approval.
The lawsuit was initiated by the Swedish pension fund AP7, which pursued the case for three years in the Delaware Court of Chancery. The plaintiffs alleged that former Activision CEO Bobby Kotick intentionally accelerated the company’s sale amid scandals involving allegations of sexual harassment and workplace misconduct.
According to the fund, Activision’s stock price had significantly declined at the time, and the board of directors accepted an unfairly low sale price, resulting in losses for shareholders.
Under the current settlement terms, none of the parties involved admit any wrongdoing or liability.
During the legal proceedings, Bobby Kotick filed a countersuit, accusing AP7 of pursuing the case in the interests of competitor Embracer Group, claiming that the fund’s vice chairman had previously worked there. Representatives of Embracer strongly denied any coordination, while AP7 dismissed the allegations as legally and factually baseless.
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